latest redhat/fedora for a !old! notebook ?

[David Timms]

I just had a go at putting FC6 on a machine with the specs:
cpu pentium 120MHz   {Toshiba 440CDX}
disk 1.6GB
ram 32MB
optical no {cd dead}
usb 1 hold and a 512MB flash stick.
floppy disk drive, but no other machine with a floppy drive available

Because the machine had previously had redhat 7 on it, I was able to get
  it to boot to the grub selection, and then tell it to boot from floppy
disk for rh7.3 rescue (using a cut down rh7.3 cd iso copied to the usb
stick. I was then also able to edit grub menu, and check what I had on
the machine {an attempt from 6 months ago at upgrading to fc6 test1.}

By the way, when attempting to boot this, it starts, goes a few seconds,
then the machine reboots. From memory, FC6 test1 didn't have kernels for
586 machines, so this may have been why.

1. The FC6 installer jumps in pretty quickly to say ~"you dont have
enough ram for fedora core 6", and then exits.
With just 32MB ram, what is the latest fedora/redhat that should be
installable ?

2. Is a 2.6 kernel out of the question for such a machine ? {main
reasons why ?}

3. Are there any compile options that I could use to recompile a 2.6
kernel to reduce / limit it's memory requirements ?

DaveT.