Yes, it seems it is now possible to do that, but hey why?, it seems that for now just for fun :)

The project is called iX

The project points high and these are some of its goals.

  • Add a mobile optimised window manager such as Matchbox used on Maemo and OpenMoko.
  • Add cellular capabilities, data would be my priority but phone functionality such as calls and sms would be ideal.
  • Strip the OS down and optimise for the hardware restrictions such as the lack of ram and cpu speed, this could be as simple as removing unneeded applications or replacing programs with more mobile friendly ones, my first thought is replacing X11 for a leightweight alternative such as tinyx.

As taken from this post

You may also see some pictures of ubuntu on iphone

It may be a lot educational to help with this project