New VirtualBox Installation

[Benny7440]

Hello there; I'm new to both, "Virtual World" & the forum.
My first question is if my system would let me install & run "VirtualBox" with "Puppy Linux" as Guest?
I've an eBuddy Notebook (old), it has a ~20GB of Hard Disk space (~7 GB free); DC-ROM drive; 3 USB ports (2 free); no Floppy; 1 of each, FireWire & Ethernet, respectively; RAM is just 128 MB (8 MB goes to the video). My OS is Windows XP (Serv. P. #1) & my intention is to put Puppy as a guest (already downloaded it -- 4.1.2-k2.6.25.16-seamonkey). I also downloaded VirtualBos-2.2.4-47978-Win.exe but have been reading for 3 days & I'm a little confused (too much info & details --need a little guidance here).
Thanks for any advice from your part!
PS. In order to post this ? here I had to register first & as you must know there are a group of ?'s to be answered before completing the registration process, 1 of those was the VBox version I'm using. Since I have not unpacked the downloaded file yet I have to admit that I don't know the answer to that ? & made a "guess" hoping I'm right. Sorry!

[Sasquatch]

Only 128 MB of RAM is not enough. XP takes up all of that already, even with a stripped down install. You need at least 1024 to be able to run a VM, because the Host can take up quite much, up to 512 or more.