First piece of my "distro"
Here are runit RPM and SRPM for CentOS 4.2 (probably works on some other distros as well).
You install it, then clone your GRUB (or LILO) entry so you boot passing init=/sbin/runit-init
to the kernel and when you boot it, it should start on a rather normal-looking runlevel 3.
To reboot or halt, use reboot-runit and halt-runit, please!
Keep in mind that this is just a beginning, since all your services (except your ttys :-) are still running without supervision!
Should not destroy anything, but use at your own risk.
You will have to work further if you want to do more.
Included is /etc/runit/services/test
a trivial template service.
Sorry about the spammy hosting, but I will get a decent server space for these files somewhere eventually. These rpms are just a teaser, anyway :-)