The answers are as already you've seen "no, no & no".
Depending on where you want to install 10.1, you could probably go with at least 10.2 ... Apple does not sell any more 10.1 or 10.2 but you could always have good luck e.g. in Ebay if users who are not using their previous system are selling the licenced version. 10.2 should not cost nearly anything any more.
Do you have any of the CDs or DVDs that came with your Mac? Which Mac is it, so maybe there are newer than the 10.1.5 really that would run in it as well...
Hm.. yes, RAM would be the limiting factor. Or you could get some more RAM; 10.2 should run with 128 MB, but basically any OS X would look a lot smoother with at least 256 MB in total.. more specificly, which iBook G3 is it? 500? 600? 700? Clamshell?