"Cameyo is a free application virtualization product. It combines best-of-breed application virtualization technology with simplicity.

Application virtualization technology packages entire applications into a single standalone executable, eliminating the need to install.

While application virtualization technology has been around for years, good application virtualization products have been expensive and complex to learn. Whether you are a home user or an enterprise IT administrator, take your applications with you or deploy them easily.

At Cameyo, we believe application virtualization should be within everyone's reach."

Cameyo | Application Virtualization Freeware

When I came across this one I googled a little bit and here's an article from 2010:
Cameyo, Free Windows Application Virtualization