For all of those that are curious and adventurous there is an experimental Android Live CD Now Available for x86 Systems to download.
It is the Live Android alpha version 0.2 and it is based on Android Cupcake version 1.5. But it is still in rough form, because these are some of the features that are still missing: WiFi, Bluetooth, and audio. Yes that is a downer, but these are some of the features and it added to this new version: a mouse-controlled cursor, keyboard support, and Ethernet.
Yes you can run it from the LiveCD, but it also works good in VirtualBox or Microsoft Virtual PC - so you don't have to reboot your computer.
You can get it here: