Ubuntu Studio is "a multimedia editing/creation flavour of Ubuntu. It's built for the GNU/Linux audio, video, and graphic enthusiast or professional." The Feisty Fawn version is now available for download with the Gutsy Gibbon to be ready for testing next month.
For a list of packages available in Ubuntu Studio, check out the Ubuntu Studio Package List. One thing to note, however, is that this version does not include OpenOffice.org office suite in the list of packages. Curious, though, don't the multi-media guys need a word-processor, at the very least? :)