I used LyX extensively on both my Windows 2000 and XP systems until a year ago. I just returned to my LyX project after 12 months today, to discover that LyX 1.6.9 installed on Windows 2000 without incident, but when I tried to run it, I got an error message (forgot to write it down)
As noted on the download page, Windows XP is the minimum requirement.
Joost