not even. Adobe Photoshop 2.0
Most graphic intensive programs really need several things to really work.
Your PC specs are low and these are causing your problems.
Windows XP home really needs to be installed from scratch onto a HD with NTFS. Simply upgrading Win95/98 or whatever to XP Home just wont cut it and will ultimately become unstable causing you grief.
Before you format yoru drive ensure you have all your drivers burnt to a CDR with the latest modem, audio and graphics drivers. Then reformat the drive from scratch even removing the drives partition and recreating one again with your full 40Gb HD.
Making sure when you reinstall Windows XP Home you select NTFS.
THis should make your PC much more stabel and better at dealing with large graphic, video and auido files as it isnt limited by the 4Gb limitations FAT16/FAT32 bring.
Next you will have to find Photoshop 7.0 or higher to install. The latest being Photoshop CS 2 (version 9 if anyones counting).
I would also start looking for a bigger hardrive and also bring your RAM up to 512Mb at least. Even if that means throwing away your old RAM and installing 2 x 256Mb.
Remember Photoshop will use yoru hard drive as a way of dealing with huge graphic files by using the scratch disks. If you have a lot of stuff on your HD this will slow down your PC whilst using PS.
Let me know.....