Bad as in rapper bad, or bad as in "rotten meat in a dumpster bad"?
As far as the latter catergory goes, I have my family's old computer in my room, a AMD K6-2 300MHZ with a cracked version of 98SE (and the unofficial service pack), 128MB of RAM, a 3GB hard drive and a Voodoo 2.
However, it still plays DOOM, Quake 2, Vigilance and ZSNES, it still runs my MOD trackers, it still functions as a word processor when I need to do my homework, and believe it or not, it's what I use when I need to burn CDs.
Really, the only thing obsolete is the word "obsolete" itself. I'd paraphrase one Youtube video I uploaded, but why I don't I just link you instead? (It's only 11 seconds long):