Well... it's finally ready.
What i had to do to make it work, was take the portable launcher and convert it to U3.
Also needed to make some changes in the way it launches Xampp control center to make it compatible with new releases and offcourse older versions.
I have tested the U3 launcher on various versions of xampp and it works !
Simply download the zip archive of xampp (full or lite (compatible with both)) and unzip it into the root folder of your usb drive.
Install the U3 Webserver launcher on your U3 usb stick and you're ready to go !
For anybody who wants the U3 launcher, you can download it here: http://www.mediafire.com/?w9yx9mnxp3d
P.s. Any comments or ideas would be appreciated.