If you want to run it native (the real thing, not a virual PC on your "other" operating system) you should go for Icaros Desktop Live (
Link)
I ran the previous versions on a PIII/600Mhz and it was fine but I didn't regret installing it on a P4 2.7 GHz later. :-D
If you can boot the live CD on it then you'd probably get away installing it too.
Tell us how it goes.
