Hello and welcome to the forum Ralph.
The first thing I see and the important one is you need to up the RAM/Memory,hopefully its MAX is 512 mb.
Run this scanner:
RAM Memory Upgrade: Dell, Mac, Apple, HP, Compaq. USB drives, flash cards, SSD at Crucial.com
This will tell you how much RAM can be installed and what speed etc.
More RAM would most definantly speed it up.
A PIII can handle XP.
JB.
EDIT:
I just found the specs of the laptop and MAX RAM is 256 mb.
Installed Size64 MB / 256 MB (max)TechnologySDRAM - 100 MHzForm FactorSO DIMM 144-PIN