I recommend you have a look at SliTaz, http://www.slitaz.org/en/get/ . The Cooking distribution has Audacity. I have installed SliTaz on an old laptop with only 128Mb RAM and it was fine. The GUI is impressive for its size and the package handling intuitive. SliTaz is under active development.
CPKS -- Next meeting: Bournemouth, Tuesday 2011-04-05 20:00 Meets, Mailing list, IRC, LinkedIn, ... http://dorset.lug.org.uk/ How to Report Bugs Effectively: http://goo.gl/4Xue