What are you guys talking about? I was running win95 in an Intel 486DX @66Mhz with 16Mb or Ram!! Ok, it was a bit slow but I could play quake, listen to music, watch video and surf the net among other things (not simultaneously though!! LOL). But your better choice I believe is win98SE. Far more stable than 95. Absolutely forget winME. That OS is absolute bollocks and almost run microsoft to the ground. If you upgrade your ram, your best bet is win2k as it's the same core with XP but lacks all the visual candy, giving you better performance.
My 2 cents