What would you reccomend for a laptop like this ... ?

Intel 486/25SL (25 Mhz)
4MB RAM
3.5" Floppy
Databook PCMCIA slot
Networking capability via PCMCIA
Built in 19200 baud modem
16 color 640 x 480 VGA out
Monochrome screen (16 shades of gray displayed)
Built-in power management (BIOS-like setup)
120MB hard drive

... That's about it. It's a little subnotebook built back in the day. It's not a lamer - this little rig is reeeeally teeny-tiny and pulls off a fairly strong windows 95. It was one of the most copied models back then. So anyways, I wanna try to get linux on it. I would like an X server so I can run X apps. It doesn't have to be very fancy and doesn't need GNOME, KDE, or any desktop manager like that (it probably wouldn't run it anyways, and if it did, the HD would probably be too small to fit it). I need a lot of networking apps cause this is going to be my main lapper, a hacktop, and a total sleeper of one too. Keep in mind I have to either install it through networking (via a PCMCIA network card I own) or floppy disks.

My main question: what distro of linux should I run on this rig?

build your own on a floppy. try linux from scratch, pocket linux, etc...

You could try:
http://www.damnsmalllinux.org

tho with no CD drive it could be a bit tricky to install.

I believe that slackware still comes in a form that can be installed with floppies (that brings back memories!)

Otherwise, take a look on freshmeat.net, there's lots of small linux floppies on there that can be transfered to hard drive. 120 Meg should be enough for everything you need. Damnsmalllinux has full X capabilities and fits in 50meg!

Darren.