You don't say exactly which version you have: I see memory varied from 128 to 512MB.
128MB model. Since this computer uses standard memory for video, that leaves no more than 96MB! AntiX would run, but many internet sites would be inaccessible using the Dillo browser.
256MB (actually 224MB). AntiX, Swift, ZevenOS
512MB (448MB if you give yourself the luxury of 64MB video). AntiX, Fuduntu (claims to go easy on the batteries), Solus, Swift, ZevenOS.
The CPU will be OK for any of these. See the review links at http://distrowatch.com/
or my reviews on this site.