I can make a RH 7.2 run on a 486 with 16Mb RAM, but to do so requires good knowledge of the packages. Having run Linux for 7 or 8 years now has given me that knowledge.
Main problem with the 486 is that it only has a 512Mb HD.
Ninja's suggestion of using RH 5.2 is probably ok, but you have to install a lot of updates afterwards, otherwise you probably won't be able to compile the source.
When (read: If) you get that comp to run, I am not even sure how well it will perform as a server, so it would probably be best if you run it all on the comp you run EQ from (and use EQW), since it will, most likely, have more power and it will require a lot less work to get the emu running there.
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-- Nunc ille est magicus --
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