Yes, but I doubt you'll get it to boot as fast as WinXP.
Disable services you don't need, use Mandrakes controlcenter or check /etc/init.d/rc.x
(rc.3 = starting in text mode, rc.5 = starting with GUI.)
Also use a lighter windowmanager, not KDE or Gnome.
Mandrake sets IceWM up nicely, use icepref to tune it.
On my computer (AMD1700 512 RAM) KDE needs 30 sec, IceWM 5.