Ceedo Personal
#Programs run from any portable storage

"Easily installed on any portable storage gadget you choose – whether
it’s a thumb drive, an iPod, or a pocket hard drive – Ceedo Personal
allows you to enjoy the convenience and productivity of your personal
computer on any host PC."

Several  has  probably  experienced  the annoying fact that you don't have any user  administration priviliges on your computer. Well here is a small victory, from the Ceedo site you could install software packages onto your portable storage and run them together with the rest of your preinstalled programs. You could enjoy programs that you didn't have the possibility to download before, but I have to add that the available software available from the creedo site still is limited but would hopefully grow in the future. 

Any trace of your activities from the creedo software programs started from portable storage is gone when you choose to eject your portable device.

Here you could download Ceedo

Another possiblity is to use the U3 smart drive, another similar solution run from a portable storage device, but it has to be a U3 smart drive. The available software titles for the U3 smartdrive is probably slightly more than for the Ceedo solution, but the Ceedo solution don't set any limit to what kind of portable device you choose to install the software onto. The  U3  software  is preinstalled onto the U3  smart drive,unlike  the Ceedo solution where you have to install the software yourself.

Requirements for using the U3 technology is Windows 2000 SP4 / XP or higher, not yet supporting any other operating system.

Yet another solution is Portableapps.

"PortableApps.com provides a truly open platform that works with any
hardware you like (USB flash drive, iPod, portable hard drive, etc).
It's open source built around an open format that any hardware vendor
or software developer can use."

Portableapps unlike the other solutions also works with Linux.