Could you outrank this?

151,000,000 results it is possible, but highly unlikely. I would go after other keywords with less competition if I was you.

Yes it a lot to compete!

When I search for 'my system' on Google I get 737 million results, or 44 million exact match.

In both cases the top result is Wikipedia, hard to beat.

For exact match, the number two result is Music Lovers Group, lots of domain backlinks but no to few page backlinks. All the results on page one are NOT root domain results, therefore if you had an exact match domain (properly optimised and backlinked to the moon) you would stand a chance of ranking somewhere on page one (especially as the on page SEO of the existing page one results is not too hot in most cases).

For the non-exact match results (without quotes), the number two position is an exact match domain, with no content and no on-page SEO. In theory, with a better optimised exact match domain (onpage and backlinked) you could overtake them.

It's not the easiest ranking prospect I have ever seen, but I think it would be doable. Question really is whether it's worth it, what are the traffic stats like and are the people searching for 'my system' actually looking to buy what you're selling (it's a VERY generic phrase)?