i would try bumping up the memory to 64 or 128 megs--it will work WONDERS on this old machine. then get rid of all the unnecessary backround applications that compaq (and others) love to load--esp that phone answering application that doesn't preform that well and EATS up resources. also kill real player from the taskbar--kill the autostart in the startcenter. this also EAYS up tons of resources.
add plenty of memory and kill unneeded backround apps and you will be quite surprised how well this old machine will work. i set up and old P90 with 64 megs,win98 and minimum apps and it surfs quite well. i also did an old hp 166mmx--works well also--remember-keep it simple