Don't know about burning to cd's, but you could try this.
Partition magic allows you to copy partitions, so I think you could copy the partition with your OS and programs onto a another primary partition.
Then when you want a fresh installation you can activate the second partition and use partition magic to format the first partition and copy the second partition back onto the first.
Sorry if my explanation is hard to follow, I think it should work though.
Probably easier just to have your OS and programs on a small partition, say a 10GB partition. And everything else on another partition.
Then you would only have to format the partition with your os and progs when you want to do a fresh installation.
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