Linux Live is a set of shell scripts which allows you to create own Live Linux from your installed Linux distribution. The Live system you create will be bootable from CD-ROM or a disk device, for example USB Flash Drive, USB Pen Drive, Camera connected to USB port, and so on. People use Linux Live scripts to boot Linux from iPod as well.
From http://www.linux-live.org/
What's new compared to old Linux Live scripts v 5?