It's definately possible. Will run fine if you disable some eye candy and keep your system clean. Don't run 30 background apps.
I used XP for about 2 years on the machine in my signature. It's still running fine.
TheMajorMMX - Intel P200 MMX @ 225Mhz - V-Tech (PcPartner) Baby-AT mb w/ Intel Triton TX chipset - Nvidia Riva TNT2 M64 w/ 16MB - 256MB M-Tec SDRAM - Still running.....