1) Run a small footprint on my laptop
2) Run virtual instances of OS w/ no
primary OS installed. All the OS that
I will ever use will be all
virtualized.
Helvick's comment on your original question contains a link to another question discussing the merits of doing so.
Furthermore, what exactly would you gain from this? It sounds to me like all you want is a low resource hypervisor. If you're really motivated to do so, I highly recommend Xen (there are also several products which build on top of it). This would allow you run a very low footprint server (i.e., a headless, barebones Debian install), which would free up most of the resources for your guest VMs.
Keep in mind, what you're trying to do is fairly advanced and will require you to have some Linux command line knowledge.
If you could illustrate how you came to conclude that you need something so low level, perhaps we could help you more. But because this is running on your laptop and not a server, looking into a hypervisor--or even dual-booting--might be more appropriate.
Hope this points you in the right direction!