Hi,
The Raspberry Pi is a very inexpensive, tiny computer running Raspbian (a Debian-based distro), and other Linux ditributions.
Many people in the Pd community have been experimenting with this platform in the past months, and I am happy to announce that it is now ready for real-time I/O audio (in case you didn't know...) !
I (and other Pd users) managed to go down to 10 ms latency without audio dropouts with an external USB soundcard.
I made a few guitar effects which run fine on it (with 16 ms latency though, because i use a phase-vocoder for one of them!). You can watch the video here :
http://guitarextended.wordpress.com/2013/01/27/real-time-guitar-effects-with-raspberry-pi-pd-and-arduino/
Stay tuned on my blog for more instructions if you are interested.
Cheers!