Live CD use without rebooting?

I'm curious...
Does there exist a live CD that you can use without having to reboot?
I'm thinking of something like ELE (or is it Embedded DSL? or both?), which uses a batch file to boot into a qemu session and load the OS off the pendrive, all while in Windows.
Now, the only issue with that is that it only uses a pendrive (i'm pretty sure. Correct me if i'm wrong, as i don't have access to either). Is there another live CD distro that can be booted without leaving Windows? If not, is there maybe a way to remaster the ISO so that it'll work like that?
Does there exist a live CD that you can use without having to reboot?
I'm thinking of something like ELE (or is it Embedded DSL? or both?), which uses a batch file to boot into a qemu session and load the OS off the pendrive, all while in Windows.
Now, the only issue with that is that it only uses a pendrive (i'm pretty sure. Correct me if i'm wrong, as i don't have access to either). Is there another live CD distro that can be booted without leaving Windows? If not, is there maybe a way to remaster the ISO so that it'll work like that?