Application Backup

Just want to know if this is possible. I know I can do a full backup of any drive, folder and or file; the question is, is it possible to backup and individual application/program with all settings (including registry settings)? And be able to restore that application instead of having to re-install it.

In the old days before the windows registry, this was easy to do but today, I've not found any product that would do this.... thought maybe it was a feature in Acronis that I was not aware of.