When I've run XP on Pentium Pro hardware at 233 MHz, I have found it to be sluggish. I think that Win2K or even NT4 is probably a better choice for this hardware.
By the way, your description up top says you have 1MB RAM. That's unlikely. How much do you have? XP needs a minimum of 256MB for a pleasant experience running applications.
Also what programs are you trying to run? Many modern apps will surely choke a PPro of any speed.
Something you can try is turning off the visual effects in the System settings. These increase the load on the CPU and graphics card. Also try running 16-bit color depth. You could also try newer video drivers although the XP in-box Radeon 7000 drivers should be fine.