I also have a raspberry pi 1 model B at home and like wallcop i've set up to use as a media streamer. I have a couple of addons installed to stream TV shows, Movies and to watch live sports channels like sky sports and BT sport. i've used raspbmc but I prefer
openelec because it's a lighter version and I think it runs smoother.
I will also recommend overclocking the PI from its base clock of 900 mhz to about 1.3ghz (i've got a successful overclock of 1.5ghz but it took a lot of time getting the settings right so it was stable)