I loved the Portable Application Template that I have seen on the forms here, so I made a program to edit and compile it automatically. There are still bugs, but I got most of them out. Please feel free to tell me what you think. In the spirit of open source, I have also released the code.
Code in Autoit:
Compiled and packed with NSIS:
Modified PAF NSIS template(original from - http://portableapps.com/node/2022):
SFX Creator-as mentioned below in comments: