I too am looking for a good desktop which would run smoothly on a Celeron 333 / P-II 220 / AMD K6 433 type PCs with good gui menus & functionality.
I believe CDWriter, Sound, Web camera & Modem are all that a regular PC user at home and office would require.
The older desktops like Twm or simple X would suit your purpose. Try a older version of kde or gnome too it should work but the graphics will not be as great. (My old celeron use to work with around the same config as yours).
Derwyn.