My first PC (or rather, the first PC we ever had at home) was an IBM PC 300PL desktop with a Pentium MMX processor, 16 MB of RAM, a 4 GB hard drive and it came with Windows 95 preinstalled. I'm not sure how well it compared to the PC's at the time, since I was 6 years old when we got it because my mom won it at a raffle at her job, but sure as hell I loved it. I still miss the keyboard it came with, and I still kick myself for throwing it away without ever finding out if it was possible to repair it. Nicest keyboard I've ever used in my life.
As for the first game I ever played? I want to say Hocus Pocus, but I'm not sure since it came in a shareware disc along with other games, like Wolfestein 3D and Bio Menace. I remember playing a lot of Need For Speed III: Hot Pursuit on it, though.