Xeiso is a Live CD designed to turn your PC into a gaming system without having to install anything. Pop in the CD, boot up your PC, and play some games. Xeiso can use your PC as a “memory card” to store save data.
For more information, see the project page on Launchpad.
An early demonstration can be seen on YouTube.
Basic project goals and explanation can be found on the author’s site.
And finally, yes, you can get a build of Xeiso.