Would it be possible to implement some kind of feature to be able to have multiple users while running live from CD?

Like at home, we are a couple of people using the computer and each person has his own usb-key where their home-dir and settings are stored. But if you would like to change users on this system you'll have to reboot the entire copmuter with the new usb-key inserted to get to other users settings loaded...

Would it be possible to implement a feature where Knoppix remounts the new usb-key and reloads X-Windows and all settings without having to reboot?