Linux My Way
"LMW is a bash shell script, released under the GPL, for producing a minimal linux initrd image from your resident linux installation, suitable for booting from a floppy, hard-disk or solid-state memory device. You, too, can join the PDA/Internet appliance boom in the privacy of your own home.
Default X configuration includes the Xvnc server, allowing remote control of the target system. Using Xvnc eliminates the necessity of a graphics card in the target system, at the cost of requiring a network interface. Options are also provided for conventional X servers.
You can build a minimal floppy disk size compressed image of 1.22Mb and/or an X capable compressed image of 3.7Mb (these are functional sizes, not minimums. Depending on your linux and selected applications, the size can vary wildly). This does not include a bootable kernel which you will have to provide.
Be forewarned, this is NOT a distribution. This is a framework for creating your own distribution."