I have dipped my toe in the water of Linux From Scratch (LFS) a couple times before, but I never followed through with it. Well, I'm making another go at it, but this time I intend to follow through. I'm applying to grad schools to study operating systems, and I'm recently unemployed which gives me plenty of free time. I also have two computers to work with, which means I can screw up my LFS system without having to worry about losing important data or access to a computer.
I'm in the middle of step one at the moment. I'm formatting the disks on my tower. I will install Ubuntu 10.04 on the smaller of the two disks, and the larger disk will be where I will build my LFS system.