But it will take a bit of reading to do it.
Even when you've done it, you'll have to test it!
Windows Update: You can slipstream post SP2 updates manually using commands or you can use an application that will slipstream all of them with a click of a button. But you'll first have to find out what updates you'll need [you won't need all of them] then you'll have to slip 'em.
To slipstream post SP2 updates, take a look at nLite click here it can do what you want.
Or just click here
Applications: You don't slipstream applications, they merely get installed after Windows has finished installing. But to get the applications to install requires a few commands, switches, reg hacks or to put it another way........each application you wish to install will have it's own unique way of installing. When the appliaion is installing. You will not want to configure each application one after the other [you'll be at it for hours] so these commands, switches tell the application to just install itself without bothering you with it. Serial numbers/Products keys can also be automatically added via a registry edit that can automatically be written when the application is installing.
You're best of looking at a site which is dedicated to showing how to create an Unattended XP CD click here
...and more on their forums click here?