Free TV On Your PC

You can do it with Joost. Really cool program, however it's not open to the public yet. I might have a few invites left if you contact me via PM.

There are some free programs that allows you to watch some television channels through the internet. But you need a fast internet connection in order to buffer the channel. And if you have traffic limit maybe this is not a good choice because it can easily take your traffic away. I don't think this programs need a lot of memory, you probably can get then to work with 128 Mb of ram.