[ubuntu] best distro for realy old laptop

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http://ubuntuforums.org – I've got a relay old laptop,(win 95 era) 133 MHz processor 32 mb ram 1.7 gb hdd i was thinking about giving it to a friend and disited win 95 wasn't going to cut it. i am most likely going to have to go with puppy, but i would rather go the ubuntu rough if i can get it to run smooth, what do you think is the newest version I could get to run smoothly? any suggestions are appreciated thanks. (Hardware)