This article talks about various methods to roll out your Linux distribution such as simple remaster script in Puppy Linux distribution, LFS or Gentoo Linux. From the article:
Inspired by Richard Stallman, whose strategic vision and courage enabled revolutionary change in computer software, later joined by Linus Torvalds and a group of volunteers, created the greatest DIY operating system the world has ever seen. You, too, can create your own Linux distribution. Here's how. Whether you want to customize Knoppix, respin an existing distribution of the open-source operating system, like Puppy Linux, or are intent on creating your own package from scratch, we'll walk you through the process.
=> How To Roll Your Own Linux Distro [informationweek.com]