I don't know that I've ever tried this, but it shouldn't be a problem at all. Do you know where you are going to get a Redhat install disc from? Redhat does not provide binary install ISOs, but CentOS uses the provided Redhat sources, compiles them, and packages them up in nice installable ISOs. I use CentOS extensively for servers at work and a home server, and I've never had a problem following instructions or using RPMs for Redhat on CentOS. Anything you learn on CentOS should correspond directly to the Redhat certs.
As far as hardware requirements, any 400 PC should run any flavor of linux just fine. Dell's cheapest desktop or any computer you can build with modern components for 400 dollars will be more than enough. I've personally tested CentOS, Fedora, and Ubuntu with a graphical desktop on P4 1.6Ghz computers and I hear people have used 1Ghz machines for modern linux distrobutions with no problems.