+2 antix or crunchbang openbox, am a #! fan think it's the bomb ... Tastes vary though. There's another distro I was fond of called Vector Linux light ... At the time I was using version 6, ( still have it installed ) Pretty sure they've come out with 7 now. It was the lightest gnu/nix I had found before settling on #! and tweaking it a bit. VL light would still get my vote over #!, as overall lighter for a really low RAM pc me thinks. But again ... tastes vary.
If you want something Minty, provided you can get it to install. Would say definitely one of the Mint's specifically made for a lightweight desktop (lxde) or even better a windows manager ( fluxbox) and/or install a windows manager yourself. Gnome stuff will kill your system dead mucho quick with such low RAM imo. Remember nunol mentioning that someone can presetup a swap partition on their pc's drive and is supposed to help allow install on a low RAM system. Never tried it, don't know if it actually works or not. Have no reason to doubt him, if I'm remembering what was said right. Something you could always look into or whatever. Doesn't hurt to try, take a couple of them for a spin. Or all the ones that catch your eye ... gnu/Linux is free. Well other than the time ya end up having to devote.
With enough experimentation and learning how to tweak things down. Don't see why one of the gazillion diff releases LM has here wouldn't work well for ya. They can all no doubt be tweaked. Those ones listed above are more specifically made for low spec, older hardware though. Though could surely also be made to work just as well on highend stuff. At least I'm sure #! anyway. You can more than likely find something Minty that would work well enough. With that amount of RAM ... Likely no matter which ya install, it's going to be choppy at times.
(nother afterthought ... dang it! Arghhhhh D: ) Thought of a tweak ya may want to learn about and play with. With a pc that low on RAM swappiness. http://sites.google.com/site/easylinuxt ... o-high:-Ub
Swap would be running at all times and the drop of a hat. You'll have to play with what setting works best for ya. Personally tend to go with swappiness=10. Still say heck with it, try a bunch of em and see what works best for you.