FVWM : http://www.fvwm.org/
FVWM is the fastest, lightest and stable window manager available currently. This is designed to minimize memory consumption and provide a simple virtual desktop with basic graphics. FVWM is best suited for virtual desktops over network.
IceWM : http://www.icewm.org/
IceWM is fast, lightweight window manager. It is not a full-fledged desktop environment like KDE, GNOME, CDE or XFce. This consumes minimal memory footprint and less cpu cycles. The IceWM interface looks a lot like a simple Windows default desktop and it supports themes too. Being fairly minimalistic, it can be used simply as a environment to manage the dozens of terminal windows like xterm. IceWM is flexible and simple to customize.