Definitely agree. Most Linux distros' default window managers are too resource intensive for a 133.
I hate discarding 'obsolete' computer equipment, so I've got an old Pentium 60 (yes, the first one to ever come out... I think it may even have the floating point bug) running bare-bones RedHat 6.2 with a 30GB disk as a Samba fileserver. No GUI, no frills. Works very well.
Since the system's too feeble to do much else with, it tends to get left alone (ie I don't fiddle with it and break it). I find it incredibly useful to store files on a system like that since otherwise I'd have a tendency to repeatedly reinstall different OS's, often losing data in the process...
If you've got two PC's, the 133 and a more recent one on which you run Windows, you can still use the 133 for Linux shell access over telnet or SSH (Google for "putty" for an excellent Windows client) which is great for learning bash, perl, all manner of things.
I've actually got a Pentium 233 at work which does a sterling job of hosting a PostgreSQL (7.2) database. The data is the output from an MS Proxy server (excuse my language), and currently stands at 4.5 million records for three months of collecting data. It can still return a fairly complex report (including sub-selects, but no joins...) in less than a minute.
The point is, old hardware can always be put to good use!
On a side-note, I installed Mandrake 8.2 beta 2 today, and it's looking good. Recognised everything on my system including the video card that RedHat 7.2 couldn't deal with. The installation was far faster than 8.1 as well...