I though about this as well. However, there is no reason to do this because Ubuntu doesn't support it. So even if someone can get the distro to work, we have to build each of the software on it ourselves. This defeats the purpose of having a distro. Anyway, they ported it over to ARM at one point. However, there is no news from that project since 2008 so I think it is dead. Moblin is an alternative that I think is a better chance for success.