Modern laptop will NOT be able to run older OSes before XP.
1) Modern laptops are 64-bit; before XP OSes aren't compatible with that.
2) OSes like 2000 run on a max. of 2 GB RAM. Most laptops that are bought within the last 1-1.5 years are rare to found with 2GB RAM (unless they're a netbook).
3) Windows ME is an EXTREMELY buggy OS and you can expect to have problems running it
4) Maybe your hard disk is too big for ME to support. If you have something like 1TB or 750GB, those kind of disks were not common at the time ME was released so you can't expect the OS to be able to address all that space (not completely sure about that tho...).