Slackware would run on that but be warned, slackware doesn't really "hold your hand". Its a good distro for new users that want to actually LEARN linux. The documentation is great and forum support and outstanding. A good walk-through guide for installing is:
http://www.bitbenderforums.com/vb22/...?postid=311808
Now as far as graphical enviroment, you will probably wont have much luck with KDE or GNOME given your proc speed and RAM but XFCE should be suitable. You'll have the option to pick it during the install if you choose slackware.
If you choose slackware and stick with it, you'll be at these forums helping other with all your knowledge in as little as two weeks.