I created a 1 GB qemu virtual hard-drive image, then started a qemu virtual machine with that image as the hard-drive and the slitaz-4.0-RC1.iso as the cdrom, with the machine booting from the cdrom.
The machine booted successfully. Then i used gparted to create an MS-DOS partition table on the hard-drive image, then created a small swap partition and an ext3 partition for slitaz. Then i ran the installer, with all the default settings, except that i checked the box to install GRUB, which is unchecked by default.
The installer copied all the necessary files to the hard-drive image (i know because after receiving the error i booted the machine again, mounted the image, and took a look at it). But just when i expected it to finish successfully, the whole qemu machine aborted and gave me this error in the xterm which i used to run it (the first two lines are the command to run the virtual machine, everything else is the error message):
$ qemu -m 768 -full-screen -soundhw all -boot d \
> -hda ./slitaz4.raw -cdrom slitaz-4.0-RC1.iso
EAX=b72cd058 EBX=b72cd058 ECX=00000001 EDX=b77f9300
ESI=b72cd054 EDI=08070980 EBP=0804cbe1 ESP=b731df58
EIP=0804cbe1 EFL=00010286 [--S--P-] CPL=3 II=0 A20=1 SMM=0 HLT=0
ES =007b 00000000 ffffffff 00cff300
CS =0073 00000000 ffffffff 00cffb00
SS =007b 00000000 ffffffff 00cff300
DS =007b 00000000 ffffffff 00cff300
FS =0000 00000000 00000000 00000000
GS =0033 b76b76c0 ffffffff b7dff36b
LDT=0000 00000000 00000000 00008200
TR =0080 ed403d40 0000206b 00008900
GDT= ed400000 000000ff
IDT= c14c9000 000007ff
CR0=8005003b CR2=0804cbe1 CR3=2bb0b000 CR4=00000690
DR0=00000000 DR1=00000000 DR2=00000000 DR3=00000000
DR6=00000000 DR7=00000000
Unsupported return value: 0xffffffff