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Some Compaqs can be a bit 'odd', with hidden boot partitions and other weirdness when compared to other brands - so it's worth checking the list of supported hardware for any Linux distribution you're considering to make sure there are no gotchas in that respect (you should be fine, I'd have thought).
As to cool apps...
1) Central file and print server (this is cool?)
2) With (1) you could then store your music collection on it and make it accessible to other machines in your house.
... in which case, there are a huge number of 'appliance' distributions around to make that kind of set up easy.
On the more leading edge, you could set up an Asterisk server and do your own VOIP.
Or maybe you'd like to become part of the Wireless MESH?
--
simon
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