Preliminary notes
First of all it makes no sense to install versions of Ubuntu that are no longer supported with updates. The reasons is at the bottom of this answer.
This answer will concentrate on currently supported versions of Ubuntu and its official derivatives.
If your hardware never connects to the internet and if you will never use software newer than is included on the respective install media, only then it might be prudent to use outdated versions. But who can be sure of that?
You don't have to install Ubuntu to see if it works on your hardware. It is always a good idea to boot from live DVD/USB and see if the system runs okay (although slowly) on the given hardware.
Even if it seems not to work, you might be just one boot option away from a working system. See My computer boots to a black screen, what options do I have to fix it? For example the nomodset option might help.
Currently supported versions and their minimal requirements
The community wiki usually offers an up-to-date list of currently supported versions. Minimal system requirements for Ubuntu can be found there in the tech specs. Information on the derivatives is scarce but their requirements are less than what is listed here. Generally 32-bit versions take up less memory and tend to be faster on older systems, than their 64-bit counterparts. The Lists of Ubuntu certified hardware might also be of use to you.
Supported versions of Ubuntu
14.04 Desktop
In order to run Unity the system needs a more capable graphics adapter.
1000 ΜHz processor (about Intel Celeron or better)
1024 MiB RAM (system memory)
Graphics processor and display capable of at least 1024x768
6 GB of disk space
From experience, we all know that it is recommended to have 2GB RAM to properly run Ubuntu day-to-day. A good start should be with minimum 1GB and recommended 2GB RAM.
16.04, 17.04 Desktop recommended system requirements
In order to run Unity the system needs a more capable graphics adapter.
2GHz dual core processor or better
2GB RAM
25GB of disk space
Graphics processor and display capable of at least 1024x768
Either a DVD drive or a USB port for the installation media
Internet access is helpful
16.04, 17.04 Desktop minimal
In order to run Unity the system needs a more capable graphics adapter.
17.10 Desktop recommended system requirements
64-bit 2GHz dual core processor or better
2GB RAM
25GB of disk space
Graphics processor and display capable of at least 1024x768
Either a DVD drive or a USB port for the installation media
Internet access is helpful
17.10 Desktop minimal
64-bit processor for iso, Intel Pentium 4 processor or better for installation using the Ubuntu minimal CD. The Ubuntu minimal CD supports installation of Ubuntu on computers that have a 32-bit processor.
1GB RAM
Graphics processor and display capable of at least 1024x768
10 GB of disk space
Updates will be provided for Ubuntu 16.04 for 5 years until April, 2021. Ubuntu 17.10 will be supported for 9 months until July 2018. If you need Long Term Support, it is recommended you use Ubuntu 16.04 instead.
14.04 and 16.04 Server installation standard
- Ubuntu Server supports 3 major architectures: Intel x86, AMD64 and ARM.
- 1 GHz processor
- 512 MB of system memory (RAM)
- 1 GB of disk space (base system)
- 1.75 GB of disk space (all tasks installed)
- Graphics card and monitor capable of 640x480
14.04 and 16.04 Server installation minimal
- Ubuntu Server supports 3 major architectures: Intel x86, AMD64 and ARM.
- 300 MHz processor
- 256 MB of system memory (RAM) 64-bit, 192 MB RAM 32-bit
- 700 MB of disk space (base system)
- 1.4 GB of disk space (all tasks installed)
- Graphics card and monitor capable of 640x480
Security and maintenance updates will be provided for Ubuntu Server 14.04 until April, 2019 and for Ubuntu Server 16.04 until April, 2021.
Supported versions of Xubuntu
See Xubuntu help page.
14.04
Minimum systems requirements
To install or try Xubuntu within the Desktop/Live CD, you need 512MB
of memory and 5GB of free space on your hard disk. Security and maintenance
Recommended systems requirements
To get a smooth experience when running multiple applications parallel on the desktop, it is recommended to have at least 1GB of memory. It is recommended to have at least 20GB of free space. This allows new application installations as well as saving your personal data on the hard disk in addition to the core system.
Updates will be provided for this release for 3 Years until April, 2017.
16.04-17.10
Minimum systems requirements
To install or try Xubuntu within the Desktop/Live CD, you need 512MB
of memory and 7.5GB of free space on your hard disk.
Recommended systems requirements
To get a smooth experience when running multiple applications parallel on the desktop, it is recommended to have at least 1GB of memory. It is recommended to have at least 20GB of free disk space. This allows new application installations as well as saving your personal data on the hard disk in addition to the core system.
Updates will be provided for Xubuntu 16.04 for 3 years until April, 2019. Xubuntu 17.10 will be supported for 9 months until July 2018. If you need Long Term Support, it is recommended you use Xubuntu 16.04 instead.
Supported versions of Lubuntu
14.04 ( Trusty Tahr )
A Pentium II or Celeron system with 128 MB of RAM and 5 GB of disk space for Lubuntu Desktop.
Security and maintenance updates will be provided for this release for 3 Years until April, 2017.
16.04-17.10
Processor (CPU)
The minimum specification for CPU is Pentium 4 or Pentium M or AMD K8. Older processors are too slow and AMD K7 has problems with flash video.
Memory (RAM)
For advanced internet services like Google+, YouTube, Google Docs and Facebook, your computer needs at least 1GB RAM.
For local programs like LibreOffice and simple browsing habits, your computer needs at least 512MB RAM.
Updates will be provided for Lubuntu 16.04 for 3 years until April, 2019. Lubuntu 17.10 will be supported for 9 months until July 2018. If you need Long Term Support, it is recommended you use Lubuntu 16.04 instead.
Supported versions of Ubuntu Core
15.04 and 15.10
Processor – 600MHz processor (ARMv7 or greater, or x86)
System Memory – 128MB RAM or greater
Storage – 4GB flash / storage for factory reset and system rollback
16.04
Ubuntu Core 16.04 is supported for 5 years.
Why you shouldn't use versions when their support has ended
- Security risks: Eventually there will be an exploit that compromises security or system integrity of old Ubuntu versions
- Software incompatibilities: Versions that are no longer supported will have increasing problems with this. Due to the lack of updates one will no longer be able to open the most recent LibreOffice documents or compile programs that need more recent libraries. Hardware drivers of recent devices will not be included in older kernels.
- Decreasing availability of repositories: It might become very difficult to download software that does not already ship with the outdated version. Hosting repositories for very old versions cease to be economically viable at one point.