I think it's pretty unlikely that it will work (well) on 512MB of RAM. I use Flight Simulator '04, which is the next oldest version, on a computer with 1GB and it works well.
Maybe on the minimum graphics settings, but if you're going to do that, you might as well buy an older version. They're really cheap too! :-)
Hah, my funniest Flight Simulator experience was messing around with the Bell helicopters. It's pretty hilarious to land on top of random buildings (but only if you have "crashes" off), fly through stadiums (once I got so close that I could see the yard lines on a football field), see how low you can fly and for how long, and trying aerobatics (and then crashing miserably)...
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