Hi, Frank8723 -
Your iMac (Slot Loading) model is rated by Apple as suitable for either Panther or Tiger.
However, it is at the low end of acceptable models for Tiger; and your machine speed is probably a bit low to get the best out of Tiger.
More to the point, Tiger requires 256MB RAM as a bare-bones minimum; a more realistic minimum is twice that, 512MB. Since your machine has but 192MB RAM right now, Tiger will not install on it at all. You can increase the RAM in the machine - it can hold up to 1.0GB of RAM.
Panther requires a minimum of 128MB RAM to install; again, twice that is a more realistic minimum.
Recommendation - Panther (OSX 10.3) is probably a better choice than Tiger (OSX 10.4) for your machine.
In either case, plan on having about 8GB of free space on the drive before installing OSX (in addition to install space, OSX runs best when it has about 5GB or more free space left over).
Important - be sure you have updated the firmware in your machine before even trying to boot it to OSX, including OSX on an install CD. You can obtain any needed firmware update from either of these Apple KBase articles -
Article #58174 - iMac: When to Install Available Updaters
Article #86117 - Firmware Updates
Be sure that you acquire a retail package for OSX, and not a model-specific one.