Have you considered Damn Small Linux (DSL)? It works well on a laptop I have that's so old it has 64MB of RAM.
A competitor which other people like, but I haven't tried, is Puppy Linux. I mention those two in particular because they're active distributions. -- SLUG - Sydney Linux User's Group Mailing List - http://slug.org.au/ Subscription info and FAQs: http://slug.org.au/faq/mailinglists.html
