What is the crappiest (for lack of a better word. Sorry, but I'm quite tired.) computer you can live with for what you do? I know there is a great variation in what people do and therefore some need a lot more than others. Here's what I'd need at the VERY MINIMUM:
1.6ghz processor (single core)
1gb ram
120gb hard drive
XP Pro
I need at least a gig of ram because I want to run photoshop CS3 extended and I also want to run MS office 07. I can't live without 120gb because just my LBT stuff is about that much, and I can't really live with under 1.6ghz. I've tried before, but the last time I could live with 1.6ghz was 3 years ago when that was pretty good.

I used a computer with these EXACT specs 3 or 4 years ago as my master.

I had better ones, but just like now I'm pretty lazy when it comes to switching my master around. The master I have now has these specs:
3.2ghz dual core processor
4gb ram
2 HD's, each is 500gb
Windows XP pro
I keep changing the HD configuration around. Last time I posted, I think I had like 1775gb or something, but now I've only got 1000gb. I've got MUCH better computers, including one that can handle 24gb of ram and has 8 installed, but I'm lazy and I don't feel like switching it since I don't even need all the power I've got right now.
I'd say that people who don't want to do anything but surf the web and email, they need about this much minimum:
1ghz processor (P3 or P4)
512mb ram
20gb hard drive
XP Pro
Of course, that is very minimum. I'm sure most people here have much more than that.