Lightweight Ubuntu for old laptops?

[Fredrik Pettersson]

Hi!

I'm starting a project to bring used laptops from rich countries to 
democracy/building organizations and schools in developing countries, 
something I think is in line with the mission of Ubuntu linux. The best 
thing would of course be to use fre software on the machines, but these 
machines are old and can't handle the current releases of Ubuntu or 
Edubuntu. My question is: would it be possible to put together an 
Edubuntu variant that 

* can run on 64 MB RAM and less than 2 GB HD,
* is user-friendly, i.e. has a window-based interface, and 
* comes with a word processor, spreadsheat and image handling 
software?

  /Fredrik