GC2 should run on this machine when your grafics driver is up to date (2005 or newer). Check if BIOSTAR or the manufactor of the grafics chip offers a new version and install it.
And you should really get more RAM. 256 MB is the bare minimum to run XP with SP2. It runs and GC2 runs, too. But very slow. 512 MB SDRAM is quite cheap (40$?) and it should not be a big deal to find a suitable module and to stick it in your board.