I had similar problems running Pro/E & Pro/M 2001 SE on my humble Celeron 433 with only 128 MB RAM, running Windows 98 SE. (Not exactly a power-house platform for solid modelling and FEA, I know, but all I have until I can upgrade soon!)
I fixed the problem by disabling graphics acceleration on the video card. Right click on the Windows Desktop, go to “Display Properties” and then “Trouble Shooting”. (The exact keystroke sequence may vary depending on your OS and graphics adapter driver.) “Hardware Acceleration” is probably set to “Full” by default, for best performance. In my case, I had to turn “Hardware Acceleration” to “None” to get it to run stably, but usually, you get a few intermediate settings that might work. I turn acceleration back on for most other applications, but I have a few 3D CAD and FEA type applications that are more stable in this unaccelerated configuration.
It’s frustrating to have to disable my PC in this way, but at least I can run Pro/E and Pro/M!
Hope this helps!