My wife has a Win 8.1 tablet, quad core Atom at something like 1.4Ghz with a GB of ram. Actually a nice piece of hardware with a crappy OS on it, at least for the price.
Problem is that the boot loader is completely locked down, so no other OS will boot. Then there are the devices, touch screen is the big one, though I guess with the right USB adapter, you could plug in a mouse, same with the keyboard, need an OS that supports a virtual keyboard or plug one in. Network driver, likewise and without accelerated graphics...
So yes, in theory they can run any x86 OS, in practice, not so much and especially OS/2 will be missing drivers so even if you could boot it, not too usable.