Old Dell good enough

[iGamer]

I was recently given an old Dell GX1 to play with and was wondering if its good for my needs?

Internet= 15mbit down/1.5 up
Users= 1-6 users (95% of the time it will be only me, I host a lan party once a month)
Lots of heavy gaming requiring low latency
I also do torrent seeding for a couple linux iso's and for ocremix.org on my server.

anywho here are teh specs

400MHz Intel Pentium II
256MB PC100 (could be 384 if I could find another functioning 128MB stick)
20GB WD Protege HDD
Dual Intel Pro/100 S PCI Nics (Integrated 3com nic doesn't like lan cables so they just fall out of the port lol)

EDIT: Nevermind, loading it onto a 3GHz Pentium 4 with 512Mb DDR. Its way overkill, but at least I know its a reliable and smaller SFF!