Mediamatics DVD Express v5. I concidentally still have a copy from my IBM ThinkPad 770X, which had Windows 2000 Pro, 128MB RAM, and a PII-300 when I got it.
If you can find a copy of that (or PM me for the CD), you'll be OK. I ran through PowerDVD and that, and I was able to play the video from Fight Club and Star Trek: First Contact (the preview) with no issues on the aforementioned PII-300 with 128MB RAM.
XP SP2 on there is going to be a pain unless you get more RAM in it. That model of Compaq should take either a 128MB or 256MB module to bring you up to 192 or 320MB.
Take care,
Mitch
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