yes, sort of. keep in mind windows 7 can only be syspreped 3 times, per key.
what you do is put the build together, load os do all the updates install the drivers yada yada yada. once its all done and perfect, run the sysprep application, choosing the oobe (out-of-box experience).
useful links = http://technet.microsoft.com/en-us/library/cc722413.aspxhttp://technet.microsoft.com/en-us/windows/preparing-an-image-using-sysprep-and-imagex.aspx