So much for 98% of the Linux Distros.
I have an older Win98 machine with that amount of RAM. It can't run most window managers as they tend to require 128 MB as the minimum.
Get Feather Linux. It's a LiveCD that can install to hard drive. It's also the only distro I have that works worth a damn on that PC.
Damn Small Linux would be the another option. I haven't tried it, but it should do well as it's tiny like Feather.
Your other best bet is the FluxBox window manager regardless of the distro.