My 486-100 with 48Megs runs IceWM fine (I've also run twm && fvwm on it without a hitch).
Trouble is, now what do I do with it.
Originally I had planned to use it as a gateway/DHCP server. But a nice cable router from linksys solved that problem.
Then I thought about a samba server. (But I got a 450 Mhz with a much larger harddrive currently doing that).