The answer is NO.
I just repaired an IBM thinkpad I recovered from one of my recycling excursions and tried to install XP Pro just for scientific testing and experimenting purposes.
2 minutes into setup I get 4 fast alert beeps and blue screen with the message,
This computer does not have enough
memory to run windows xp.
This version requires 64.00 megabytes (mb)
of memory (RAM).
Setup cannot continue. To quit setup press F3
The thinkpad has a P-II 266, 32mb ram (I installed for smoke testing), 14.1 TFT, CD Floppy,etc.
I have to go and pickup one Feral (Stray) Cat I'm a care giver for from a free Spay and neuter clinic in a little bit but I'll try 64 MB later on today after I get back.
I'm very curious now!