Whether you are using CentOS for a build server or simply testing out a new configuration, you can quickly create a VM (virtual machine) that is under 1GB. You can do this without downloading any special tools or ISO files — just the CentOS installation DVD and VirtualBox (or VMware if you prefer).
I like the text-based console, so you won’t be getting a GUI or fancy Linux desktop with this one. Given its small size, you could also archive the entire environment (or even several of them) for future use without having to waste gigabytes of free space. These environments also serve as a base which can be upgraded or added onto to provide more functionality later.