HOWTO Create LIve/installation CD from running system

See 

http://www.geekconnection.org/remastersys/index.html

add source 

sudo nano  /etc/apt/sources.list
deb http://www.geekconnection.org/remastersys/repository ubuntu/

sudo apt-get update
sudo apt-get install remastersys

Problem with USB persistence. 

http://geekconnection.org/remastersys/forums/index.php?topic=121.0

Still does not work with version 8.04 at least not when creating with Ubuntu usb boot creator. Skip persistence and it works fine,

also see guide

http://ubuntuforums.org/showthread.php?t=1073838