It already exists, and its open source, a version of the ATutor Learning Content Managements system that runs from a USB stick on a Windows system. Normally used over a network, this version of ATutor is handy for learning content developers, allowing them to carry the system and its authoring and packaging tools with them.
ATutor2Go
http://sourceforge.net/projects/atutor2go/
This particular version is Spanish, but many different language packs are available, if someone wanted to create an English version, for instance. Once installed on a stick, language packs can be downloaded and installed, or if conected to a network, imported directory into the system.