Ah, Tinycore can do that and more...
You can make a livecd with the apps preinstalled.
Tinycore uses extensions called TCE's and TCZ's
I prefer the tce's.
You may read this post for more info-
I am getting ready to upload the Awesome Tinycore-1.4.3-USB I have just finished.
It has Flavor Modules, which are actually VirtualHardDrives.
I know, it confuses me too...
My Tinycore USB is premade to run from either a FAT16/32 USB booting with Syslinux or a EXT2/3 USB booting via Grub
Anyway, the instructions are here-
My TC-USB will be ready within the hour, look for the post or at my site.