Debain Base (u can use woody for that config, though you might choose sarge.)
{till 64Mb ram } use WindowMaker as ur GUI. use X-CDroast for Cd Cutting.
-- alternately.. if you can cross the 96MB ->128MB point... you can even use KDE and tweak OFF the bells + whistles.
-- my old sys is a celeron 400Mhz + 128Mb ram.. i can even use GNOME 2.6 with full eye - candy (al beit a bit slow).. but a tweaked KDE runs fine. .. oh yeah of course running debian.. most other distros would crawl... unless your are in the mood for something like gentoo :-)
-- -- -- suggestion -- -- --
if its for an Office.. maybe you go a little more ambitious.. run most of the server m/c as a thin client ... (XDCMP) http://www.tldp.org/HOWTO/XDMCP-HOWTO/
you will need a fairly powerful server (large ram -- depends on # of users ) & of course a simple re-design of ur data-storage across the network.
Under this method u could get away with as little as 32 Mb in some cases in the client m/cs..
-- -- --
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.
Erle