If the processor is fast enough and you've got at least 2MB of RAM (or can expand to that) you might think about wiping the drive, installing TinyXP and hooking it up to your TV for Web viewing.
I've got old computers on both my living room and master bedroom TVs and I really enjoy being able to watch games, fights, etc. that way.
For completely wiping a drive -- either before getting rid of the computer or loading TinyXP -- burn a free copy of Ultimate Boot CD and use one or more of their disk wiping programs.