Run Linux LiveCDs in Windows with MobaLiveCD
Now, don't expect spectacular performance here. You're essentially running an operating system inside of another operating system, so things might be on the slow side. And it won't necessarily work with every host machine or every LiveCD. But at 1.4MB and with no installation needed, why not give it a try?
MobaLiveCD can also be installed to your hard drive, allowing you to launch LiveCDs via a right-click context menu. And you can create virtual hard drives to save data from your LiveCD sessions.