LiveDroid is not the first Android live-spin project, but it's the first one I've tried out. You can check out the Japanese project page here, or directly download the iso from this link (a new page or tab will open - just wait and you'll be prompted to save the file).  All you need to do is burn the iso file to a DVD and boot 'er up! Leave a comment with your configuration and results if you want to help the project. I've never heard of a live disc causing damage, but live at your own risk.