For XP there is a sort-of-live CD called PE, but that is available only to
professional IT folks.
However, you can make something similar using Bart's PE builder. It takes
some time to make the CD, but it will boot a PC into a desktop version of
XP, from which it is easy to fix some things. Note that Bart's is not
intended to run programs, only to fix XP. It is not a replacement for XP
installed on the hard drive, plus MS Office, etc.
http://www.nu2.nu/pebuilder/
If you would settle for a non-XP-based live CD (or DVD), I recommend
KNOPPIX, which includes both operating system (LINUX) and user programs. It
could be used as a replacement for XP, MS Office, Internet Explorer, etc,
etc.
http://www.knopper.net/knoppix/index-en.html