Heh, legacy hardware rules! :-)
Get some memory off ebay (32 mb is pushing it, with 128 you can at least run Win2k respectably) and use it... wait for it... as a laptop!
Indeed most laptop-y things CAN be done on a system like this - text editing, internet browsing, hell, even watching DivX movies... (Actually I think that this trip for absolute speed that we 're all wired into is kinda pointless - however I'll be the first to admit it's addictive!)
Last year I got a Sony VAIO PCG-C1XD off ebay, it's a PII 400MHz ultraportable with an 8 inch wide screen. I upgraded it's memory to 129mb and it runs Win2k like a charm!

I've also bought a PCMCIA wireless card and I use it mainly for browsing teh intarweb from the other rooms of the house.. ;-)