Save Apps before reformat HDD

I'd like to know is there a way to "save" the applications such as Photoshop, MS Office and etc before reformat the hard drive and reinstall fresh clean Windows XP reinstallation then re-install the saved applications?

I know Files and Settings Transfer Wizard will work for My Documents, MyMusic, and My Videos. But is this wizard will do for applications?

Do I have to start all over again re-installation the applications and re-enter the product key ID#, right?

Thanks!