@maxmint: Armory needs the full block chain (if I am right). This does not make for a good live cd if you need to download a couple of hundred megabytes each time and have no place to store it other than RAM.
Armory can run just fine without the block chain on an offline system, but only to provide an offline wallet. But I guess you weren't planning an offline system.
This would be great if it had the offline version of armory, you could then use it to sign the transactions of your online wallet all on the same machine.