All I know is that it's possible to run uClinux on the Dragonball based Palms and indeed the uClinux homepage has a link to a port. I suppose you can find some instructions on how to put it in your Palm. Better try it in the emulator first.
You do realize that there's practically no Linux software for the Palm? That you may be on your own even for very basic things, like drawing stuff on the screen and getting input from the buttons and touch screen?
I've seen linux running on the old Palm IIIs, however, I'm not sure if the 505 has the same processor, or if anyone has ported it to that arch. As far as I know, once you get linux onto a palm, there's not many tools to get it usable as a PDA anymore. no drivers for the touch-screen etc.
i could be wrong though, so good luck googling anyway :)
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