Truecrypt 7.1 has been thoroughly audited and deemed safe. It's vulnerable to methods like cold boot attacks, but most any software would be. If you're really worried about something like that, you can always burn a TC rescue disc and use it to boot instead of putting the TC bootloader on your hard drive.
I don't think there's any full-volume support on Linux, though. You can created encrypted file containers, but not encrypt the entire OS. You'd have to use a filesystem approach like LUKS for that.
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