Why not -- your machine can handle the likes of Vector Linux 7.0 - specifically VL7.0-Light.iso - with aplomb!
Only question I have is -- How much PC2-3200 RAM is in your desktop, now? 512MB is minimal and your motherboard is good for 4GB. Max out the RAM and run just about anything you may want as far as Linux distros go! Only trouble may be the kernel, depending on your CPU's capabilities.
Do not try to run Virtual or 3-D and you should be okay, IMHO.
VL7.0 is stable, simple, and has what you seem to want without having to install many extras.
Someone will likely say, "ubuntu," but I don't think it's the best choice in your case.
There comes a time in the affairs of man when he must take the bull by the tail and face the situation.
W. C. Fields