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Theres no such thing. A live cd or live usb means you can boot and use the OS from the media without installation. Windows doesn't do this. All you can do is make bootable installation cd or usb.
That's dead easy. Using Nero or other cd cloning technology, use "burn ISO to disk" or comparable option.
For usb, there is a tool that unpacks the setup files and builds a bootable install. Forget the name but works well.
WinPE and BartPE both can give you a bootable live CD windows environment. They are very limted, you aren't going to be running openoffice off the CD most likely, but the tools are out there. We run norton ghost off of a WinPE at work.
To back up you're registry.. (this is going to take a very long while mind you), you can run regedt32, right click on a hive, and click export.
To restore that file, you can either
1. double click those .reg files
2. go into regedt32 and click on file - import - and select that .reg file
3. type regsvr32 whateveryoucalledit.reg at the command line as an administrator.
That said, the registry can be HUGE and this can take a considerable length of time. If there was something jacked up in your registry when you backed it up.. but you hadn't encountered it... you just put that jacked up back in.
Correct there's a lot of tools out there that can help in situation like the op's problem the big issue with most tools is the knowledge of knowing how to use them. In the middle of a problem is really not the appropriate time without the proper knowledge one can end up doing a lot more damage then good. The registry is an area you should definitely be well knowledgable in.
.. go buy a 6 pack of beer, good stuff.. nothing even in the realms of steel reserve, and find a friend who does know what they are doing.
If you are asking these questions, even after the links posted in this thread.. you probably don't have the background knowledge or experience to be dicking with your PC at the system level. Hate to say it, but thats the harsh reality.
Now a bottle of 18 year old single malt or a box of Cubans ...