Here's a cut n' paste from their site...
This product is a single floppy distribution of Linux that is designed for the sole purpose of sharing an Internet connection. The floppy can be created using either a Microsoft Windows "wizard", or by using a set of Linux shell scripts. In addition to being designed to have very low hardware requirements, the floppy release of Coyote Linux is able to provide the performance and uptime that is expected from any Linux based system...
Basically you can turn any computer, from a 386SX and up, into a fully-functional Linux-based router/firewall. The entire package runs off of a single floppy disk. All the computer needs is a CPU/mainboard, some memory, two nic cards, floppy drive and a power supply. That's it. Ya don't even need a vid card or monitor, hard drive, mouse or keyboard if you script the config file correctly. Just boot it up and let it run, done deal.
Got an old system laying around not doing jack? Need a decent router with a configurable firewall? Hmmm...

Check it out, post here if any of ya try it out or have used it before.