I'll give a second vote for Fedora Core 3. Worked like a charm for me right off the bat. I even was able to play all my 32bit commercial binary games on it without issues. Instead of the regular sh setup.sh type linux32 sh setup.sh and it works flawlessly.
Only things I would change if your going to use it for the long run is, change to a 32bit browser if you want java and flash support. Also, if you a media type person, learn and memorize how to enable .mp3 support and how to get the codecs and such installed for the dvd software.