Dyne:bolic is liveCD linux distribution focused on multimedia. This software allows to record, edit, encode and stream audio and video without need to install any software to your harddrive. Minimum requirements for dyne:bolic 1.x and 2.x is i586 class CPU and 64MB RAM. Dyne:bolic 3.0 recommends Pentium II or better and 256MB RAM or more. The last version(3.0 beta 4) was released in Semtember 2011.
Links: dyne:bolic homepage