I found this software which is free:
Altiris SVS
URL:
http://www.svsdownloads.com/
Description: Altiris SVS is a free tool for software virtualization. You "capture" application installs into a layer, then you can use the SVS Admin to deactivate, reactivate, reset, or delete the layer. If you deactivate the layer, all traces of it are removed from your system. It's a very nice piece of software, especially for free!
The Goods: Free software virtualization, excellent for keeping your machine clean and uncluttered.
The Catch: None that I'm aware of.
So basically, when a layer is deactivated all the stuff put in place by the installer and all files/registry changes made by the application disappear, and won't come back until you activate the application.