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Dave C.
You should be aware, that *some* LiveCD distros, really need
a swap file for stability. And others, the garbage collector
routine seems able to keep up with memory requests and pressure
on the memory subsystem.
In English, this means some LiveCDs will crash, if there is
no hard drive to hold a swap file. Others seem to be OK
(at least, I didn't crash them while using them).
What it means, is when you get your new laptop, you'll have to
test Linux distros one after another, and see if they survive
without swap. For a good place to start, you can try the
latest Knoppix 6 release, as I suspect it is OK (in limited
testing - I wasn't trying to crash it at the time, and was
trying to get some work done).
This laptop is running puppy linux 4.0 off of the hard drive. I know the OP doesn't want a hard drive. But puppy can be run from CD-Rom. In fact, it MUST be run from CD-Rom, in order to install it to a hard drive. But you don't have to install it to a hard drive, you can run it from CD media. No hard drive required to be installed in the laptop. In fact, puppy won't touch a hard drive unless you tell it to by "mounting" a hard drive first.
This laptop is old, but the main stumbling block you will have in running linux on any laptop is support for the video chipset. Linux in general has pretty good support for most video chipsets, but it's always a few months behind the latest technology.
In short, if the OP wants to buy a laptop specifically for a linux live CD use, he can buy new, but he should buy "new" that's been out for a while. Don't buy a laptop that was just released to retail channels last month, as that might be a problem. -Dave