Nah, it's not possible. Not to run Open Office anyway. If you are up to something more light as Abiword (word processor) or gnumeric (spreedsheet) then it could be possible. Open Office crawls in my 2.0 GHZ PIV with 512 RAM. The newer versions seems to start up a bit faster, but still...
Your processor is quite alright, problem is your ram memory. But if you are going to use Abiword and Gnumeric, then I would recommend you Slackare or Debian with a light weight Window Manager as IceWM, WMaker or Flux/Open/Blackbox.
Since you are low in RAM, you will need to use command line applications as often as you can, so no fancy gui's for you to configure your machine. To sum up, your options are:
1 - Use Win98 with MS Office in that machine. You'd get a great performance with usual MS-crashes
2 - Use something light weight and learn Linux for real instead counting with fancy gui's.
Side note: When you say dial up, I hope you have a real modem, not a win-modem