I've trimmed my slackware linux down to about 12M fairly easily
(no X, no C compiler, etc.) but with all the networking, shell, and
file tools.
There are a number of small "rescue/utility/boot floppy" linux
configurations out there that fit on one or a couple of floppies.
The Linux Documentation Project features a bootdisk-HOWTO with
some really good information about putting together one of your
own.
A really good configuration for networking applications is to be found
at the linux router project (LRP) at http://www.linuxrouter.org/
check it out!
|\/| Randall Loomis
|/\| [EMAIL PROTECTED]
|\/| www.zanshinsys.com