Ubuntu :: Old 48MB RAM Laptop - Connect To A Virtual PC On A Server

I have this old Toshiba Tecra 730CDT laptop, pretty useless with it's 150MHz Pentium processor and 48MB RAM. I am considering to throw it out for good. But, before I do it, I wanted to hear maybe it is still possible to use it:

1) perhaps there is some really thin linux distro that would let me to connect to a virtual PC on a server, transmit the mouse and keyboard events, and get the image and sound streamed back.

2) Maybe there is some other smart use of such gear, like installing it in car or something. I doubt it though, because it's heavy (8lbs~3.6Kg), bulky and energy-inefficient. But still... it's so hard to accept that such smart pile of electronic must go to the junk yard.