Need help with EMC Install on a Dumpster grade Laptop

Hi,
I was on the verge of installing BDI Live on a P3/450 desktop
computer when I just came by an IBM 365X Laptop. This computer has
the following specs: Pentium 133MHz, 80Mb of memory, 2.1Gb Hard disk,
Floppy and network card, but NO CDROM.
From all the correspondence here and on the linuxcnc site, I know
that BDI LIVE cannot be used (No CDROM, Not enough memory).

Is it possible to install a version of linux without all the Office
Suites etc, and then install EMC?

Although new to Linux, I am a professional embedded software
developer so I am not intimidated by the prospect of compiling and
installing software packages. Is there a description of what it takes
to install a basic EMC system? There seems to be an information
overload on Linux. Whose Linux and which version should I choose,
bearing in mind the above hardware? Debian, Mandrake, Fedora, Suse????
Also, can I use a network install where the data comes from another
PC? Or, can I use a parallel port ZIP drive for the source?

And once I have installed Linux, what else do I need? (Realtime
extensions etc). And finally, exactly what do I need to download for
EMC?

I know this is a long list of questions, and if the answers already
exist in the form of a FAQ, or other website, please point me to it.
I have looked at the linuxcnc archives at the sourceforge, and was
more confused than educated.

Thanks..