Peg1 is good enough (I use it every day) but no April devaluates the
machine a lot. Anyway, I used such a machine for months too, and it's
not useless. Just be aware that any data on your HD may become corrupt
at any time for no reason. It doesn't happen often, but it can happen
and will happen sooner or later. As (unnoticed) corruption of some
file can lead to any number of other problems, such as crashing
applications or general instability, you will get a system that you
can't really rely upon, when something seems wrong it might be because
of this, it's probably not, but you never know.

Then again, as long as you don't keep vital data on it and no disaster
hits you if you need to make a complete reinstall, it will run just
fine for weeks or even months.