My Slacktop has a k6 300, 128MB RAM and a 4GB hard drive, and I can do anything any other Linux user can. Slackware 9.1 is a very nice distro, but be prepared to learn a lot very quickly, because it isn't as friendly as other distros. Slackware knows that Linux power in in the terminal, while graphical distros know the friendliness is in the windows.
Fedora is nice, no matter what retsin says about it. Suse is cool too. Haven't used any others. I suggest downloading Fedora, because there are ten million pages of help out there for RedHat 9, all of which applies to Fedora. Cost: 3 blank cds and time to download and burn.
On the other hand, a beginner might be well served by going to BestBuy and buying a boxed set for $40. You get all the cds, plus a manual. Suse 8.2 came with a sticker too.
Edit: IDE optical drives and USB hardware should be fully supported by kernel 2.4.22 or later, without rebuilds or modules.
[ February 27, 2004: Message edited by: worker201 ]
[ February 27, 2004: Message edited by: worker201 ]