[NBLUG/talk] Request for hardware and distro recommendations

[Roger House]

I have been attending NBLUG meetings fairly regularly for some time now
(and enjoying them immensely, I must say) and I have finally decided to
get serious about Linux.  I have an older machine running NT 4.0 which
I would like to turn into a Linux machine.  I have a number of questions:

1.  Is it even reasonable to try using this machine for Linux?  Some
facts:
        x86 Family 6 Model 7 Stepping 3
        500 Mhz (?)
        261,492 KB RAM
        12 GB disk

2.  If the answer to question 1 is No, please recommend what hardware I
should buy.  Ideally I would prefer not to spend a ton of money, but I
want to end up with a reasonably useful system.

3.  What Linux distro is recommended?

My primary aim here is to learn Linux and associated software from the
ground up from hands-on experience.  I should say that I'm a software
developer who has been around since punch-card days (you know all those
old greybeards who show up at NBLUG meetings?  I'm one of them) so I
have some technical background.

Any recommendations or suggestions will be appreciated.

Roger House