I recently dusted off my 2005 computer with two Xeon Processors and 3 gigs of RAM (it's a 32 bit system) to use on CM's webcam show so I could get my laptop back from her.
Guess what? The CPU's on it max out when it tries to do Live Media Encoder!
Which shows me that all the new programs are really made for dual core and up processing. (my laptop is a dual core and handles it with ease)
I think your best bet is to go get a new computer. They are dirt cheap these days. And Windows 7 is the nicest and best Windows ever.
But if you insist on your old machine...I'd still go with Win 7. They have different versions of it. So just put the "basic" one on and it should run just fine.
They no longer support XP so it would be kinda risky to use if you are going online with it and using XP.
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