First of all, memory is the problem.
Linux performs fairly well with low memory, but pc isn't great and mac is abysmal! (if you have 512M and less than 4gb hard disk free, it will barely work at all! This is because the mac allocates it's swap from "Free space" on your hard drive)
Macs are easy to upgrade though. I got 4gb for my laptop at fry's for less than $100, and the slots are inside the battery compartment. After the upgrade, my bottom-of-the-line mac has never once given me a single time to be concerned about its' performance.
PCs are more difficult than the mac, but vary based on model.
Okay, so let's say you don't want to upgrade.
The most important thing to do then is to be sure you have a local copy of the Javadocs. You'll miss them VERY QUICKLY if you don't have eclipse/netbeans.
After that, who cares what editor you use. Personally I'd use the built-in editor because I'm not actually that impressed with coloring and auto-formatting.
If you need context coloring, I guess vim would be the most light-weight editor with a Java mode (at least I believe it has one). JEdit is fairly light-weight, and so is emacs and I know they both have java modes.
For builds just use ant or maybe maven, building in the IDE is nice but overrated.
The biggest thing, as I said, is always have the javadocs on a browser bookmark.