Well, it will never be fast. But the RAM is what will determine whether it's at
all usable.

Lubuntu is promoted as running on machines with as little as 128 MB RAM. That's
probably your best bet with this laptop:

https://wiki.ubuntu.com/Lubuntu

I tried Lubuntu 11.04 on my low-spec Toshiba (live CD only) and was pleased with
it.