it's not so much the distro, it's what you put on it (i.e. kde or gnome)
realize tht just about any "current" distro will assume you have current hardware, and can handle kde 3.1 or gnome 2.4, unless you specify otherwise during the install.
as far as wm/de i'd go for xfce or even icewm instead of kde/gnome. both are light, but still have enough candy to make it's use worthwhile. many here will suggest fluxbox, and that would be great too. you'll need add firefox and gaim for browsing and im.
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