During latency-critical production, I've been using the Matchbox
Desktop. It is super-light, but still full-featured (snazzy desktop and
menu, Pango, GConf2, image viewer, video player) and fully graphical.
Actually, the graphics are far nicer than IceWM or Fluxbox IMHO.
http://matchbox.handhelds.org/
I have added it to Mandrakelinux 10.1 by the way.
Austin