Actually I installed Windows XP on my old 350MHz Compaq Presario back in the days... optimized it a bit, ran it with only 192MB of RAM and not only did I have a startup at only 7 seconds (after the BIOS was finished until everything had loaded up and was ready to use) but it ran really fast otherwise aswell. Sure, it did some swapping when using heavy applications, but I was rather impressed, really.
Today I consider XP being complete {bleep}e with really lousy networking capabilites (it is even incompatible with other XP systems at times not to mention how it sometimes changes ones configuration making the local network stop working). Oh well.