We consider the problem of approximate sorting of a data stream (in one pass) with limited internal storage where the goal is not to rearrange data but to output a permutation that reflects the ordering of the elements of the data stream as closely as possible. Our main objective is to study the relationship between the quality of the sorting and the amount of available storage. To measure quality, we use permutation distortion metrics, namely the Kendall tau and Chebyshev metrics, as well as mutual information, between the output permutation and the true ordering of data elements. We provide bounds on the performance of algorithms with limited storage and present a simple algorithm that asymptotically requires a constant factor as much sto...