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You can build Sage on very low-end equipment (by modern standards), but you need at least a certain amount of RAM to build certain components (I hear ATLAS is a hog). To just run a binary, presumably you would need much less memory. For instance, I have successfully built and tested Sage on a 700 MHz PowerPC chip with 512 MB memory.

This thread describes a build on an even lower spec system, I believe. Again, these are builds - I have no idea for actually running Sage. I don't think you'd need more than 100 MB to run it, probably less, though your OS might need some of that space.