Morphix is a modulair distribution, with live-cd support and without any configuration (you burn the CD, you put it in your CD-Rom drive, you boot and it works... out of the box) see www.morphix.org
PHLAK is a modular live security Linux distribution. It is a derivative of Morphix. PHLAK hopes to develop the perfect toolkit for all security professionals. There are two flavors: FatMan- large CD-based iso, LittleBoy- slimmed USB pendrive version.