Somebody was talking about the possibility of doing something like this 
on the list so I thought I would submit it.

Knoppix for compiling on multiple machines using  distcc.

http://opendoorsoftware.com/cgi/http.pl?p=distccKNOPPIX

He took Damnsmalllinux and pared it down even more and added distcc.

distccKNOPPIX is a directly bootable and self-configuring Linux system 
on a small iso (~38MB) running a distccd daemon. It is a simple 
remastering of Damn Small Linux running a distccd daemon and some 
general cleaning up/removal of unneeded packages/apps. Its obvious 
target is for those who have other machines at their hands, and for some 
reason or an other can not get a distccd daemon running on it. Damn 
Small Linux is a remastering of KNOPPIX

Distcc:  http://distcc.samba.org/

distcc is a program to distribute compilation of C, C++, Objective C or 
Objective C++ code across several machines on a network. distcc should 
always generate the same results as a local build, is simple to install 
and use, and is often two or more times faster than a local compile.

distcc does not require all machines to share a filesystem, have 
synchronized clocks, or to have the same libraries or header files 
installed. Machines can be running different operating systems, as long 
as they have compatible binary formats or cross-compilers.

Have Fun,
Brian