Hi, all you really need is a live-cd that has GCC... I think Knoppix may have it, but I am not too sure, since I've never used it. If your interested in creating your own live-cd with the proper tools on it, check out:
http://slax.linux-live.org slax is a live cd distro (slackware based), but they tell you how they did it, and how to add to it (they also have tons of "modules" you can add to the base cd). Pretty cool. If you make the partition on your HD and format it, then you should be good to go...