My first Windows system was a Win 95 Pentium 75 with 8 megabytes of memory. Can't remember how big the hard drive was. At the time - coming from an Amiga with 1 megabyte - 8 megabytes seemed like an obcene amount of memory but due to the demands of that OS I pretty much instantly upgraded to 16.
Your hard drive might have been over a gig, but was most likely still measured in megs.
The entire system itself would most likely have 16MB of RAM, upgradable to 32MB for the power users.