[j old school]

For what its worth, I used to run a 001 with a PIII 700mhz with 16 tracks on the davec test. Without all the plugs, I easily got up to 24 tracks with 5-10 plugs in a session. That was on W98se and PT 5.x. Win XP uses more RAM than 98se, so maybe increase your RAM or try 5.x with 98se until you can upgrade. Your PC is a bit dated but still useful; you should be doing much better than that, but as was previously stated, a lot depends on what plugs you are using.