We are working on a arm-port to run IPFire on Pandaboard.
This port is mainly as development and build environment.
To use this you need experience with Pandaboard. It is not ready for end-user nor productive use.
Video Output is not supported with IPFire.
unpack this to a SD Card with:
xzcat ipfire-2.21.2gb-ext4.armv5tel-full-coreXXX.img.xz > /dev/sd?
Ater this put it in you Pandaboard, connect Serial Console and boot it.