Is it possible to get a windows snapshot (current state) into a live cd?

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Windows

Hello all,

I have an old pentium computer with windows 98 installed...

This computer is connected to the network and it works and makes the job with an old app I don't have time to maintain.

Now if I try to put the application in a newer P4 (not so new I know) machine with windows XP I get plenty of errors, and the app is not starting.

The P4 machine has not a lot of resources (RAM) and this prevents me to use a virtual machine.

This leads me to think on: I will leave the old computer there and I'll solve the problem later on, but I would like to be able to use a new machine as soon as it would be needed... so making a snapshot of the current state of the windows 98 machine as in a live CD would be nice:

I would get the windows 98 computer ready to start in any computer...

Any idea if this is possible? and if it is, any recommendation?

As always thank you in advance!