There's this article by Nate Lanxon where he proposed a Firefox lite for low-end PC's:
There's no doubt Firefox is the best Web browser in the world. I advise everyone to use it. However, I think that the memory-hogging issue isn't really too serious for slightly-above-average PCs these days --they can handle the memory for the most part. Those who can't suffer for it.As a user of a low-end PC, I can't agree more on his views about the memory issues of Firefox. But I think that if Firefox lite is not being considered by Mozilla, there's K-Meleon as an alternative to Firefox.
K-Meleon is a Windows only browser based on the Gecko rendering engine that Firefox runs on. But since it's a native Windows browser, it's much more optimized, hence the smaller memory footprint.
I've been a user of K-Meleon for about a year now and I find it stable with only minor problems with some websites. I believe that you can use some Firefox extensions as add-ons for K-Meleon, but I haven't figured it out yet. It would kick-ass to have Scribefire in K-Meleon.
The best thing about K-Meleon is the active community and it's open source license. This means you can expect incremental improvements and bug fixes with each latest releases.