Freshmeat page: http://freshmeat.net/projects/smalllinux/?highlight=small+linux
Small Linux is is a micro distribution of Linux for Intel machines that will run on a system with as little as 3 megs of RAM. It comes on 2 or 3 diskettes, can be installed on small hard drives, and is designed to work with tinyX, slip, and plip. Uses old version of kernels and debian packages.
This project has the following developers:
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