Sort of in the spirit of this list, I set up this
configuration for
 Internet
 e-mail:
 - 8 MHz 80286 AT clone desktop 
[[[ snip ]]]
  With this, we can do e-mail, and text-based internet
stuff (I've got
 Windows telnet and ftp programs as well), but graphic web browsing
 is out (they all require a 386 or better).   
Have you taken a look at Arachne? I've not run it on anything but my
trusty office 486 yet, but it claims to be able to run on anything
PCish.
http://www.naf.cz/arachne/
It's also being distributed by Caldera as WebSpyder
http://www.caldera.com/
Roger Ivie
ivie(a)cc.usu.edu