no, I don't think that would work.
What you can do though is what I have done, which is a frugal install.
I have a linux-formatted partition (/dev/sda6) that I use mainly
as a repository (it doesn't have a system on it) and
I use grub as boot loader (it's installed in a different partition).
I used iso images of the following linux live distros:
slax, grml, RIPlinux, and pmagic
I extracted their contents (thru 'mount -o loop ...'), placed
them in their respective directories on /dev/sda6
and created entries in my grub menu to boot from them.
For instance for slax:
example of an entry in grub:
title slax (RAM, CLI)
kernel /boot/slax/vmlinuz vga=791 ramdisk_size=6666 root=/dev/ram0 rw copy2ram noauto