If I had to get a site up in "one or two months" I would go with:
- RH 6.2 (if you're using RH as I do, many here prefer Debian and they can tell you which version they prefer)
- PG 7.1
- AOLserver 3.2 + ad13 You could use ad12 with patches that get rid of some memory leak problems that ad13 will include. We'll be bundling this as a download at opennsd.org when ad13 is released, I hope.
- OpenACS 3.2.5
OpenACS 4.x won't support PG in time for you to get a site up in that timeframe.
On the other hand, if I planned to get a site up in six months and only expected to take a few weeks implementing it, I'd watch our progress on OpenACS 4.x with an eye towards using it instead of OpenACS 3.2.5.
Your machine's adequate for a couple of small, low-traffic sites. In order to avoid swapping you might have to turn off fastpath caching and limit the number of webserver threads and PG backends to a small number. And you'd be restricted to using a small PG shared buffer pool.
You'd be much better off with another 128MB, though. I'm running two sites on my 256MB RAM server and have it configured so it barely avoids swapping (I'm upgrading to 512MB as soon as I can spare an afternoon to visit the colo facility). One of the sites has quite a bit of data, though (over a million rows of bird sighting data) so I've got PG configured to use about 1/3 of memory for its shared buffer pool, so I can keep my DB in RAM. A more traditional community site that's not very active wouldn't need such a large PG shared buffer pool and could support three or four modest sites without any problem, I think.