Present tense:

I run Visual Studio.NET 2003, IIS + ASP.NET Worker Process on Windows XP Pro, SQL Server 2000 Developer Edition and I'm able to build, test and debug ASP.NET apps on a 2-year old laptop (P4 @ 1.6 GHz) with 512 MB of RAM without a headache.

Now you try loading IBM WebSphere on a machine with 512 MB of RAM.