[CentOS] Running CentOS on very old hardware

A friend has an old Pentium-133 laptop with 32MB of memory and a 1.3 GB 
hard disk that he wants to use as a web server for a very small 
community.  Will CentOS (or any other RHEL derived distribution for 
that matter) install and run with acceptable performance on such a 
system, or will a specialized distribution like Damn Small Linux be a 
better choice?  In this case, disk space is not a big concern so 
getting the smallest footprint is not a high priority.

Alfred