1. A computer-readable medium encoded with computer-executable components for performing transactional logging, comprising: a plurality of distributed logging modules, a first one of the distributed logging modules being associated with a first computer application program and a second of the distributed logging modules being associated with a second computer application program, each of the distributed logging modules being further configured to receive log data from the distributed logging module's associated computer application program, each of the distributed logging modules being programmed to marshal the log data sent by the associated computer application program; a common logging engine in communication with each of the distributed logging modules and configured to receive log data from each of the distributed logging modules and to multiplex the received log data into a single physical log; and a plurality of distributed logging module data stores (DLM data stores), each of the DLM data stores being associated with one of the distributed logging modules and containing information about the physical log for use by the associated distributed logging module in sending the log data to the common logging engine, the information about the physical log comprising an indication of an amount of pre-reserved space in the physical log available to the associated distributed logging module.