I have a similar problem, but i can't use the livecd. The computer, quite simply, can't handle it. A 450 mhz PII with 128 mb ram. The only live cds that I can run on it are console only. Also, they usually only leave about 30mb of ram. The computer just dies about a minute into compiling, either that or the processor is just taking waaaay too long. I did set up swap space and it did use it, but didn't help all that much.
My question is this: is there any problem with taking out its hard drive, putting it in another machine, and then putting all the compiled files on that hard drive? I actually already removed the disk in a fit of rage, but I don't know if this idea will work. Both of the systems are i386.