Desktop:
Pentium 3 slot 1 866ghz with 1Gb ram
ATI Radion 8500 AGP and used to have an unknown brand S3 PCI graphics card so I could use a 3rd screen when doing programming.
It's not what you got but how you use it
Current laptop is a Dell Latitude X300 with a Pentium-M 1.4Ghz and 1Gb of ram. I was given it a few years back (being thrown out from a company). It's a bit worse for wear though as the wifi packed in the night before I had to print out my PhD thesis and the right hand screen hinge packed in a couple of weeks ago so the screen half falls off every now and then. Oh and I've gone through a hard drive and 2 normal batteries and 1 high capacity one in the last 2 years as I rely on my PCs quite a bit.
Was just about to buy a new laptop as I need it for work (self employed) but needed a new gas pipe in my flat