LTSP is an add-on package for Linux that allows you to connect lots of low-powered thin client terminals to a Linux server. Applications typically run on the server, and accept input and display their output on the thin client display.
ltsp stands for Linux Terminal Server Project, which is a similar functionality as Windows Terminial Server where users with low resource PC can open remote session, and use server resources to work.
So, even a PC without a harddisk can be made boot from LTSP over the network and work very fast