This is FVBE (Frugalware Versatile Bootable Environment). It's intended to be an all-in-one bootable environment for users to perform installation, maintenance, system rescue, and other tasks as the need gets discovered.
From this menu, you can change the video resolution, language, region localization, and keyboard layout that will be in use when you boot.
The two special users are root and live. Their passwords are both fvbe.