So since the standard ed wont work the light ed will work correct?
If XP can run on 128MB RAM then sure VL59 STD can do it.......
I haven't tried it, but I suppose it's not that the standard ed "won't work".
If you don't use Firefox or other memory-heavy stuff (like Caitlyn said), don't use xfce applets or running daemons, don't load heavy kde stuff, reduce the number of virtual terminals, etc., etc., I suppose you would have a comfortable experience.
If on top of that you install fluxbox from the repos and use that instead of xfce (perhaps also replacing thunar by another file manager), it should be great.
It's not so much the editions, but the applications and window manager that you will run.
XP can run with 128MB, but if you load Firefox, you'll start going out of memory as well.