i run redhat 9 on a compaq armada e500 its a p3 600mhz with 384mb ram, and it runs very nicely. while this is different than what you have, it is my only point of reference.
in my limited experience with linux (i converted from windows less than a year ago) i have found that if you are expecting to make it look and behave like windows you will be dissapointed. with redhat most things are just fine from the install, but there are several things that need to be installed additionally, and this requires some work. most everything i needed was available from either download.com or sourceforge.net or rpmfind.net. for newer hardware most things are supported, but you may have to do some digging to find a solution to make it work with your configuration.
i use:
mozilla - browser
evolution - mail and calendar
gaim - instant messenger
openoffice - ms office like package
good luck
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