Puppy linux should work on that. It is made for older computers and is a live CD.
I concur. I've had Puppy running on older PCs with no problems. Very easy install and easy to learn as well. The most difficult thing I think you'll run into is getting wireless working though in newer versions it's easier. Also on that old unit you will probably have to install the OS and then use the tools to get sound working and maybe even reset your video card settings.
A Note....Puppy is not a derivative of any other Linux distribution, it's all it's own.
Another light weight distro, based on PCLOS, is PCFluxboxOS running, obviously, Fluxbox as it's windows manager. There is also TinyMe, another light version of PCLOS but with the Xll Desktop environment. I like the looks and windows manager better than PCFluxboxPC but have had problems with it being much slower and stuttering upon streaming music. It is still in development and has come out recently with a new beta version I'll try later.
Austrumi and DSL are also worth a look as is GoblinX.
The old PCs I have that I use light weight distros are an old K6 500MHz and a Celeron 633MHz, both with 192Mb ram.
Prior to that I had an AMD 350MHz running as low as 128Mb ram running Puppy just fine.