Usually you don't need the application files as, as you say, you have the CDs for those.
The only way that I know of, to back up your drivers and Window updates, is to have an Image of your 'C' drive. However, I don't know if the Roxio software can do this somewhat specialist job. You really need Norton's Ghost or the Acronis True Image for this.
Don't forget to back up your personal files, usually in 'My Documents'.