BootRoot

"BootRoot creates a boot disk with lilo, a kernel and an initrd image. The initrd script mounts another root disk with a compressed (gzip or bzip2) filesystem.

The root filesystem isn't made by this program, but there lots of compressed filesytems out there to use (see rest of FAQ). This program is patterned after mkrboot, but unlike mkrboot it creates an unique bootdisk and a separate root disk."

http://freesoftwarepc.com/projects/bootroot/

Resources: