Originally Posted by WZX
You can try Puppy or Damn Small Linux.
I've used DSL and Slackware on a machine only slightly more powerful than that (100 MHz AMD-K5 w/32 Mb RAM). Bare-bones Debian might work as well. I haven't tried Puppy Linux so I can't vouch for it.
Get more RAM if you can (mine maxes out at 32 Mb, so I'm SOL). Use lots of swap; you'll need it. I use 256 Mb of HD space for mine and it works fine.
If you want to run X, I suggest Fluxbox, IceWM, or FVWM as the window manager - nothing more bloated than that. You'll still have plenty of power and flexibility. Forget KDE, Gnome, and even XFCE with that small amount of memory.
For a web browser, use Dillo (IIRC, DSL comes with it standard) since Firefox will be way too slow. Opera is another possibility, although I haven't tried it on that machine. NEdit is a good lightweight (but with a butt-ugly Motif-based GUI) editor that has syntax-highlighting. Most multimedia apps are too bloated for a machine this small, XMMS being an exception. XFE and ememfm2 are good file managers that should work. Sylpheed should be OK as an email client.
Good luck making it work. I had some success with my antique, but don't expect a lot from something that old.