You could fit it on there, but you still don't meet the minimum requirements. Shooting from the top of my head, Microsoft says minimum requirements are 3 gig of hard drive space, 128 mb of ram, and at least a 300 mhz pentium II processor.
IN REALITY WinXp needs closer to 5 gigs by the time you install all the updates and you include its virtual memory paging file. Not to mention, minimum memory specs in my book are at least 256mb and 512 recommended. I also wouldn't install it unless I had a pentium III class processor. Sadly, your machine will run best with win98 on it. You could run win2000, but I wouldn't recommend it. I installed win2000 on a Pentium II 300 mhz laptop that had 192 mb ram and a 5 gig hard drive and felt it ran too slow. It would take close to 5 minutes to completely load. Once loaded, it ran ok, but still pretty slow.
So, its probably not even in your best interest to even try winXP on this particular laptop.