Ooo, those are low specs... but no problem, Linux runs great on a varity of hardware. Since your RAM is fairly low, you may want to give Debian a try. Debian is a great system and isn't too memory hungry. Or Slackware, which may not be directly meant for older hardware, but still runs well on older machines. I know I have given you alot of info, so I reccomend you try DEBIAN
first. If you don't like Debian, give slackware a try, if you don't like either, PM me and I will be happy to help you! And remember, almost all linux distros have great community support so look into some forums if you need help setting up either distro. I hope this helps!