I generally don't play video games, but I thought that the Wolvix LiveCD Games Edition was neat ... They write:
perfect to bring along if you are going to vistit some realtives this hollyday and all they have is an old computer running Windows 98 and the hottest game is Mine Sweeper.
Games Edition features over 50 games in different categories, four emulators and quite a few desktop applications. You won't find World of Warcraft or Half-Life 2 on the CD, but I've tried to include some of the finest free Linux games and I think there should be a game or two for most people, I've even added dopewars for your grandma. ;-)
Non of the games require 3D drivers, so you should be able to play most games on any graphics card. I've decided not to add games which require OpenGL because I don't want to exlude anyone due to lack of 3D drivers for their graphics card in Wolvix.
Games Edition is not a pure game distro, it has basic desktop applications like Firefox, Gaim, AbiWord, Gimp, MPlayer and more, so it should be usable as a desktop livecd too.