If you are talking about creating an installation CD/DVD AND you have the
original installation CD/DVDs for all, yes you can.
I created a DVD with all installation packages I have on my system, then
created an .HTML page that allowed me to select whatever I wanted to
install.
The .HTML is referenced to an AUTORUN.INF file that runs it using SHELLEXEC
located on the CD/DVD.
Works like a champ.
If you are talking about creating a CD/DVD from an installed application
from your hard disk ... NO.
Other than being somewhat illegal (from MS point of view), just copying a
C:\Program Files\..... folder to a CD/DVD and then copying from CD/DVD to
another systems hard drive, that prevents all the additional files AND
registry settings from being installed on the new system.
Most applications installed, place files/folders in C:\Program Files\Common
Files AND register support DLLS, ActiveX controls and such in the local
registry.