i got a laptop that im playing with right now, which is about the same specs:
p1 233 64mb ram
and to boot xp with fastboot bios and with xplite with everything removed, im looking close to 2mins...
so im going to try 98lite next, see how that performs. then as a final option, mxplay is a dos based mp3 player which i will try - there have been a couple of posts about it on here recently - i should get great speed using this