Emacs for Windows should do it. It has been known to run off of CD before. A flash drive should be a cinch compared to that.
To check, I just went and downloaded the latest "bin" version from http://ftp.gnu.org/gnu/emacs/windows/. It unpacked to a 45MB directory. If you can't spare that much space, you are in trouble.
For comparison's sake (and for those of you who prefer another editor) I went through the downloads for everything mentioned here to find the (uncompressed) sizes.
- Emacs (without Lisp or code sources) - 45MB
- GVim - 22MB
- Notepad2 - 300MB
- JEdit - 15MB
- Scintilla (self-uncompressing version) - 500K
- Programmer's Notepad - 6MB
- Notepad++ Portable - 9MB
If it were me, I'd try them out in order of editor preference, (from my most to least favorite), then stop with the first one that fits in the space required.