Watching computer movies on TV

So I have been downloading TV Shows and movies, and the girls are enjoying watching them. THe problem is that they use my iBOok G4 to do the watching. This is a problem as I need to use the iBook to do work on. I have an old computer I think its a PII that is not doing anything and I was thinking maybe just maybe it could be used to watch movies on. It has a network card and we could get it a tv output card. Then we would just have to run an ethernet jack to near the TV and it could be left there and left hooked up. Anyone have any good ideas on how to do this? As of now it doesn’t even have an OS on it, but we could fix that easy enough. I think its a P2 with 64mb of RAM is this enough to do this with? It would make my life easier.