I found this interesting blog post by computer 2000's Computer 2000 Tech Services.
It's true you can do it! If I may recommend a distro, it would be Ubuntu for obvious reasons. However, I suggest many users to think about it's brother Xubuntu. Xubuntu relies on the Xfce window environment rather than Gnome as implemented in Ubuntu. Xfce is lighter on hardware resources providing a more enjoyable experience. Also installing Xubuntu on that old pc may give it a new life.
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