I realise this is a bit dated to comment on but...
You will probably have trouble getting it to run, GNU/Linux normally needs a processor which is a 386 or better to operate. You will need a special kernel to bea able to run it on a 286 (ELKS is one that I know of).
As for the hard drive front I'd assume that the drive's shot. I have an old 386 laptop that the drive went on and I've been unable to find a hard drive small enough (less than 500 MB, not physical size) for it to work. My laptop uses a standard IDE drive which might be the case for you, if it is you have a bit more hope. You may be able to replace it if you can find one that will work and you're willing to tinker with the laptop a bit.
Sorry if this post is a bit disjointed and unconnected, I should have been asleeep 5 hours ago.
