I'm running a 64MB p200 with a linux swap partition and it is kind of slow but works, it will run KDE but icewm or xfce are quite a bit faster. If you want to run konqueror, or other kde apps you almost might as well run KDE.

I like morphix-LightGUI on older machines it has phoenix for a lightweight browser with really nice fonts, abiword for a word processor, and uses icewm for a wm (no KDE apps).

rock