Wow, I didn't realize that Kevan was talking about that type of system.
Kevan, whoever suggested this to you must have been pulling your leg. If you found these because they were cheap, well, you have to remember that you need a system that can run uptodate software. The majority of operating systems that can run on this Compaq are no longer supported. Sure they still run but they will have security flaws. Plus most of the tools you are going to want to use will not work either.
I suggested you go no lower than this.
http://cgi.ebay.com/DELL-LATITUDE-WIRELESS-LAPTOP-PIII-500-MHz-WIRELESS-NET_W0QQitemZ120106382481QQihZ002QQcategoryZ140080QQssPageNameZWDVWQQrdZ1QQcmdZViewItemYou can usually get these for somewhere around $100-$200. If you can save a little more then you could get an even better laptop. But that is up to you. Just be careful with ebay sellers. Always read the descriptions and try to get the seller on the phone and have them explain what you are getting. Make sure that everything works including the power supply and battery. The last thing you want to do is shell out for these which will double the cost of your laptop.
Good luck,
Cutaway