The wonder of slim distributions, Damn Small Linux, has been released in a version 1.2 and still is a pleasure to install on old, under-specced computers.
From the release notes:
Changes for DSL 1.2:
— New .dslrc to save local mirror and protocol.
— New GUI Mirror selector for .dslrc, Apps->Tools->Mirror Selector
— Enhanced mydsl boot time option to accept a directory
— Enhanced backup/restore now defaults to /home/dsl and
— with xfiletool.lst to specify files and dirs to exclude from backup
— Enhanced ndiswrapper,prism2, iwconfig GUI's for public access points
— Enhanced mydsl to prevent non-DSL user corruption
— Enhanced frugal and pendrive scripts to allow updates
— Updated monkey webserver to 0.9.1
— Updated busybox to 1.0
— New boot logo screen.
— New default theme, Tree_and_Moon