You may be interested in "UbuntuStudio":
*wiki.ubuntu.com/UbuntuStudio
They are trying to build a Ubuntu derivative suited to audio production
(I just looked at their site and it seems they now also consider video
and graphics, but IIRC it all started as an audio solution)
Unfortunately, from what I gathered from a discussion on the
ubuntu-devel list recently, Ubuntu right now is now very suited to
audio production. A few audio enthusiasts asked for a better suited
kernel for the next version of Ubuntu, and the kernel devs have already
uploaded a modified kernel as a starting point for these people to
evaluate. You should probably get in touch with the UbuntuStudio guys,
join them and test Ubuntu Feisty so as to try that purpose built
kernel, and give feedback. You can find it in
Synaptic under the name "<kernel-version>-lowlatency"