well no, you could run windows 7 on it.
the bare minimum for windows 7 32 bit, since 64 bit didn't exist till 2006, was:
1 ghz processer, 1 gig of ram and 16 gigabytes of space.
processors over 1 ghz existed before and after aug 24th 2001.
so did 1 gig of ram, so did hard-drives over 16 gigs.
i would say any computer bought after 2001 could easily run windows 7 32 bit.
the only snag would be if you wanted to get a newer video driver from ati, ati doesn't support anything lower than the radeon 2400 series, released in 2006.
then again neither does nvidia, they only go back about that far, to the geforce 6.
it will be a bit painful and i'm not sure how well it would run, but yes you can run windows 7 on 2001 hardware,
vista is a bloated behemoth, no one expects it to run on 2001 hardware other than as a punch line to a nerd joke.