Damn Small Linux (DSL), a 50MB Linux distribution, just released its latest version, 3.2.
Knoppix also released its version 5.1.1. Knoppix is the very first LiveCD distribution that I have tried and recommended. Until recently, this was what my student assistants use to troubleshoot computers, even those running Windows. Try out this new version, it comes with read-write support for NTFS.