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Beta version of Absolute Linux 12.1.0 has been released. It is based on Slackware Linux distribution. It includes support to early Intel Pentium CPUs, meaning you coluld install it on an old Intel Pentium-1 / AMD K6-2 machine. But, you would need at least 48MB of RAM.
Download it here : http://downloads.sourceforge.net/absolute-linux/absolute-12.1.0b1.iso