Found out a Quick n Fast article on How to Make a Windows XP image with Ghost and SysPrep at Hisham’s Blog

I tend to install and reinstall operating systems quite frequently on my home system. With my hectic schedule, I don’t have time to sit down to reinstall and configure every last program. Although it is arguably easier to use a backup of my system for day-to-day mishaps, I tend to change out peripherals a lot and restoring a system that does not have certain drivers “cleaned out” tends to wreak havoc on a new configuration. To make this process go a bit faster, two years ago I created a “Ghost Image” of my hard drive after doing a basic install. Now, instead of it taking a few hours of toiling away to reinstall a system, I can do this all in about 15 minutes with only half a dozen quick mouse clicks. The trick is to use Norton Ghost and Microsoft Sysprep.

Read the Complete How to Article