I have Kubuntu running on a similar system (with a 2.4 GHz CPU though) of similar age, though it is a desktop. What I found extremely useful was the alternate install CD and a little app called sysv-rc-conf. sysv-rc-conf lets you disable certain services/daemons which you don't need, some examples is cupsys (printing), avahi daemon (network utility detection tool), bluetooth and some other I can't remember right now. I would recommend looking into that after you have installed.
You're not drunk if you can lie on the floor without holding on.