I use FVWM2, and have for quite a few years now. I tried the more
recent versions of KDE and Gnome, and have tried Afterstep, Icewm,
XFCE, Qvwm, and a few others, but have gone back to fvwm.
Fvwm2 is now on version 2.4, and I find it very configurable. I can
do whatever I want with it, and can
My machine has 32 Mb in RAM, so i have tested some. If you want the lightest
wm, BlackBox is the one as others have said. But if you want to put windows
users in front of it, you may want to try IceWM, as it could look more
familiar to them, even if it's not so light as BB.
There's Afterstep too