For such old hardware, you might try the Linux Mint Xfce Edition: http://blog.linuxmint.com/?p=2534
Comparing your computer to the System Requirements, you are over the minimum, but below the "comfortable" recommended RAM, so you might consider a hardware upgrade (RAM is cheap) or else avoid heavy multitasking.
Another nice distro for old hardware is called Antix. Its hardware requirements are even lower than Mint Xfce: http://antix.mepis.org/index.php?title=Main_Page
The best possible way to know
"is it possible" is to try running the distro in "live" mode before
you try to install. In fact I recommend test-driving in live mode for several days/weeks because Linux has a bit of a learning curve you see.