I was trying to get back into the Remote Installation Server (RIS) setup and wanted to run sysprep on my newly formatted laptop. I then wanted to take the image and be able to install it on different hardware but maintain the basic software suite I have grown accustomed to.

All of my stuff is running on 7 at this point save for a few virtual XP testing machines.

You MUST have the AIK (automated installation kit) installed! http://www.microsoft.com/downloads/en/details.aspx?FamilyId=94BB6E34-D890-4932-81A5-5B50C657DE08&displaylang=en
http://www.microsoft.com/downloads/en/confirmation.aspx?familyid=696DD665-9F76-4177-A811-39C26D3B3B34&displaylang=en

Then follow along: (I grabbed all this from http://technet.microsoft.com/en-us/library/dd744537%28WS.10%29.aspx)
Start, All Programs, Microsoft Windows AIK, Right-click on Windows PE Tools Command Prompt and select Run As Administrator.
copype.cmd x86 c:\winpe_x86
copy c:\winpe_x86\winpe.wim c:\winpe_x86\ISO\sources\boot.wim
Dism /Mount-Wim /Wimfile:c:\winpe_x86\ISO\sources\boot.wim /index:1 /MountDir:C:\winpe_x86\mount
copy c:\winpe_x86\ISO\bootmgr c:\winpe_x86\mount
mkdir c:\winpe_x86\mount\boot
xcopy /cherky C:\winpe_x86\ISO\boot C:\winpe_x86\mount\boot\

copy "c:\program files\Windows AIK\Tools\x86\ImageX.exe" c:\winpe_x86\mount
Del c:\winpe_x86\mount\boot\BCD
Bcdedit /createstore c:\winpe_x86\mount\boot\BCD
Bcdedit /store c:\winpe_x86\mount\boot\BCD -create {bootmgr} /d "Boot Manager"
Bcdedit /store c:\winpe_x86\mount\boot\BCD -set {bootmgr} device boot
Bcdedit /store c:\winpe_x86\mount\boot\BCD -create /d "WINPE" -application osloader
The last command returns a GUID value. Substitute this value for in the following examples.
Bcdedit /store c:\winpe_x86\mount\boot\BCD -set GUID osdevice boot
Bcdedit /store c:\winpe_x86\mount\boot\BCD -set GUID device boot
Bcdedit /store c:\winpe_x86\mount\boot\BCD -set GUID path \windows\system32\winload.exe
Bcdedit /store c:\winpe_x86\mount\boot\BCD -set GUID systemroot \windows
Bcdedit /store c:\winpe_x86\mount\boot\BCD -set GUID winpe yes
Bcdedit /store c:\winpe_x86\mount\boot\BCD -displayorder GUID -addlast
oscdimg -n -m -o -bc:\winpe_x86\etfsboot.com c:\winpe_x86\mount c:\winpe_x86\winpe_x86.iso

Then burn the ISO (located in c:\winpe_x86\) to a CD. Now we’re done creating the PE environment.

I went on to run sysprep:
C:\windows\system32\sysprep\sysprep.exe

Enter System Out-of-Box Experience OOBE
Generalize
Quit

It took roughly 10 minutes to run the Sysprep cleanup.
And then booted off my CD (64bit in my case, so just change the appropriate x86 to amd64)

imagex /capture d: d:\data.wim "Drive D"