is there any hope for my old laptop?

i have an old Compaq Presario 1255 laptop. here are the specs...

333mhz K6-2 w/3D NOW!
160 MB of RAM
4 Gig HD
Windows XP Pro OS
NeoMagic MagicGraph 128ZV/ZV+/XD Video Card (at least, that's wha the
driver says)
Soundblaster Comp. Sound card

when i run bsplayer (which runs the best of all the players on this system) i can only run MPEG-1 at a bareable speed. is there anything that i can do to speed up the viewing and maybe be able to play some divx videos at a decent speed? would windows 98 work better on this old laptop? if anyone can help, please tell me! i've already switched my colors to 16-bit (over 24-bit or 32-bit which increased speed quite a bit) and my current resoultion is set to 800x600 @ 75hz refresh rate. thanks for any help!