No need, modern distros run just fine on ancient hardware.
Your beef with MS (at least as stated in this thread) is their short support period, so the existence of other OSes with longer support is paramount to your argument; that's why I asked for a reference.
No way that ancient clunker would run W8 (which I wouldn't use unless I was well paid to but W7 is OK).
And both are still supported and have nearly identical system requirements (1GHz CPU, 1GB RAM, 16GB HDD [20GB for 64bit], and a DX9-capable video card). The only difference is that Win8 requires a CPU with support for PAE, NX, and SSE2; which Win7-capable CPU do you have that doesn't support those?
The kind soul who pointed you to the HOWTO for Audacity was me, BTW; and the software you're running that hasn't received updates in years is EAC (last update was over 2 years ago). I don't want to harp on that point too much, though, since it seems as though you may not have been aware.
I'm really interested to know how you've got IE7 running on Win7 when it ships with IE8 and Win7 doesn't support IE7, according to the 2nd post (from an MS employee) on that page. XP mode? IE7 mode in IE8 (more likely 9 or 10, since the upgrade to IE9 was a critical update)? I'm not saying it's not possible, but Microsoft is; if you've done it (or, rather, someone where you work has) I'd really genuinely be interested to learn how it was done.