This is pretty cool, did it this morning.
If you have troubles with getting your internet to work in it, what I did was put my EVO in USB tethering mode,plugged it into my PC..then booted the PC and it worked great.
1. Download Android from here..android-x86-1.6-r2.iso
2. Download UNetBootin
Now you have a few choices... either just burn the ISO to a cd (and boot your computer off it) or use unetbootin to make a usb thumb drive bootable with the ISO image on it.
Here are some better more detailed instructions.....
http://www.youtube.com/watch?v=Wrena1bNl18 -- cheesy video of it on my pc.