How can one make a hot-pluggable live linux USB, similar to WIndows to Go

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http://unix.stackexchange.com – I like the functionality of Windows to Go, a way of running Windows on a USB Drive. Especially, I like these two features of it: It is hot-pluggable, I can unplug it, and as long as I plug it in again in 60 seconds, my machine won't power down or kernel panic. I can have multiple driver configurations for every computer I plug it into and the correct driver set can be autodetected. Is there a way to do this with a Linux distro? (HowTos)