Well I've been trying to find a usable distro for my Toshiba Libretto ct70 (133 Mhz, 32Mb ram) for some time, as it has a crazy pcmcia floppy and no on board cdrom drive it has been quite a problem. I have installed RH5 from a parallel port cdrom, but have found upgrading the supplied packages very difficult, with almost endles dependancy problems. However I recently tried Damn Small Linux, which is alinux live cd version with lightweight applications.(perfect for older hardware) On their website are instructions for copying the files to your hard drive and it all works well, ok perhaps a little slowly, but its the best I've found so far. It can be found here:
Best of Luck.