What is a light, fast linux capable of being a dedicated media player?

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http://i486.net – Have got an old laptop I’d like to use a dedicated media player. Its got modest specs, having 1. 1 Ghz processor and 256-512 mb ram. I’d like to be able to turn it on, and as soon as possible, have a media player with a media library available. I was assuming a linux distro would be most appropriate, but which one? (General)