I've built a teeny Arch Linux system based on uClibc and figured others would like to try it out. It consists of 6 packages plus the kernel package of your choice. uClibc lives up to the "micro" name: everything installed takes about 80M and the memory footprint is about 16M.
If you want to play with it you'll need a spare partition and follow the install instructions at http://members.rogers.com/kpiche/
If you don't have a spare partition you could probably install it somewhere on your HD and chroot into it as well...
http://cyti.latgola.lv/ruuni/index_en.html ... interesting...
That's cool. I'm doing this to install Arch on an old 386 laptop I have lying around. Unfortunately it has only 4M of RAM so I figured uClibc would be my best bet. Yeah, it's crazy but I've learned a bunch...