It will almost certainly be extremely slow. People's expectations have come a long long way since the days of that PC and web content is so rich (and hence large) that it will take a long time to render a page (= watching paint dry?).
BTW what browser would you use? There could be serious security issues (would this concern you?).
My 12 yr old Compaq Armada 128MB will just about run XP SP3 (orig W98 I think), Firefox and ClamAV. Using Belkin 56G dongle. It doesn't drop out but can take a couple of attempts to connect to router. Belkin software is rubbish, not my setup. It is better to let the laptop settle after bootup, 5 mins, and loading FF another 1-2 mins. Chrome runs better.
It surfs fine after it stops thrashing my 11GB internal HDD. VLC plays movies without problem via a USB HDD.
Puppy Linux runs better still. Still not a patch compared to my 5yr old desktop or 1 yr old new laptop of course.
Sometimes I will use the old laptop to remote access (using VNC) either of the other two (if they are on) and I want to surf a bit more quickly.
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