Have a try with the OBI, and do the only right thing with that old computer, use the whole disk for a suitable version and flavour of Ubuntu
There is a new alternative to install Ubuntu based operating systems into computers of various age and kind, the One Button Installer, the 'OBI'.
The OBI is designed to be easy to use and have a very small foot-print and uses only standard programs and shell-scripts in text mode. Installed systems with non-PAE kernels or fake-PAE are portable between many computers, and they are stored in compressed tar archive files, tarballs.
The OBI helps you make such a tarball of your own system and use it as a backup or to port the system to another computer.
lubuntu-10.04.tar.gz # good for old systems but past end of life of desktop packages
saucybeta1.tar.gz # new
ubuntu-10.04.tar.gz # good for old systems but past end of life of desktop packages