Since RAM and CPU are both so critical to ZBrush operation, any problems with either of them can lead to what you’re experiencing. There are a few things that you should check out.
First, check your Preferences>Mem>Active Mem setting. It should be almost equal to the amount of RAM that you have installed in your system. What this does is allow ZBrush to make maximum use of the RAM that you have available, rather than having to write to disk so often. After changing your preferences, be sure to press Ctrl+Shift+I to save them.
Your CPU most likely is not to blame here unless it is being overclocked. Overclocking can create big problems unless you have sufficient cooling to back it up. As long as we’re talking about heat, that can be an issue with your RAM, too. Any module of 512MB or more should have a heat sink on it. Actually, it’s not even a bad idea for 256MB sticks. With that heat sink, you also need good air circulation inside your case. “Sub-par RAM” means that not all RAM is created equal. Certain brands are distinctly better than others.
Windows 2K is an extremely stable OS – but also very tricky to keep that point of stability. For example, it by default does something called “IRQ Sharing” that often creates problems for graphics users since the video card, sound card, and a few other things all get put on the same IRQ. As has already been mentioned, drivers and hardware configurations can also be involved. If none of the earlier suggestions worked then you’re going to have to go beyond the scope of what can be troubleshooted online.