Is there a way that a computer can be imaged, and that imaged be deployed without doing an inventory?

I have a small business in which I have to perform clean OS reinstalls fairly regularly and it would be great if I can just PXE boot the offending machine (after a nice backup), select the OS I want to install (Win7 or Vista), and allow it to finish.

Is this possible?

EDIT: No need to join a domain.