No. And readyboost is a really misleading name for what it really does.
It could only speed up swapping as USB is flash memory that is faster accessable than slow hdds.
If you have a ssd it will slow down your system tremendously.
It might be possible to get this java steam stream stuff running. I's called limelight or something and has an embedded client already running on the raspberry pi.
It uses x264 compression but might be playable with an sd resolution videostream.
The big problem with this is, that you will not have access to all the hardwarefeatures like GLES accelertion, DSP, Hardwarebuttons and Joysticks, SDL HW scaling etc.
Those are the things that make the Pandora different than any other Linux distro.