If you have a network connection in your laptop (modem, isdn, ethernet) there would be the possibility to install zipslack (a UMSDOS-based Slackware on a FAT-partition) - available in 30 floppys (
www.slackware.com and other mirrors under zipslack/split). You can boot zipslack out of DOS and when it starts up you can install a real linux (Slackware). Additional software (X, fluxbox, a fast browser) you can install via internet-connection.
I use Slackware with a 2.4.31 kernel and X, fluxbox and firefox on a Toshiba Libretto, 166 MHz P MMX, 32 MB RAM. With fluxbox it is no problem to run a gui. Even fast and lightweight texteditors are available.
Fluxx.