How to create a fixed length character/block device/file ?

[Khai Doan]

Sorry if this is the wrong list.  I've search google, but have not found 
solution to my problem.

I have a long running application which split out lots of debugging 
information.  I can't redirect the output to a regular file because that 
file would grow and eat up all the diskspace.  I can't redirect to 
/dev/null.  What I want is the last 1MB of the output before my 
application terminated.  So I need to create a special file / device on 
the system.  Please tell me if  there is an existing device that I can 
use, or point me in the right direction so that I can role my own device.

Thanks
Khai Doan
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