Edit: Unfortunately, the images originally included in this post are gone, because of hosting problems in late 2009. My apologies.
It seems sagarhshah took the initiative on aysiu’s idea and put together something very very simple, as a tentative first step toward an “IceBuntu.” There’s a three-part ISO you can download here that offers IceWM as the default window manager atop a very very sparse Ubuntu 7.10 system.
I haven’t had a chance to try it yet, but I’ll give it a go in the next few hours or so. Right now I’m fighting with XULRunner on one machine, rebuilding the entire installation on the XO, and trying to get the weekly interview ready on a third.
P.S.: Here’s a screenshot. It’s going to need a lot of customization, but it’s working fine.
From there, it’s what you make of it.