1) A single-core processor without hyperthreading can, as you say, run only one process at a time. Several processes are processed using context switching, that is, the processor will start one process, and then switch to the next process, and then to the next, and then return to the first process and so on. The frequency of how often a particular process is planned depends on many different factors, where the priority of the process is one. (In those days when you often had to run WinAmp with a higher priority to avoid crashes, etc. This is currently not required, since the processor is much faster).
2) So, bearing in mind how all this sounds great and without glitches?
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