Step #1
Install the application you want to make portable, properly.

Note:
Applies only for a program that does NOT create some kind of registry keys.

Step #2
Backup a copy of the installation folder somewhere else.

Step #3
Copy and paste the files compress.bat and upx.exe to the installation folder and delete file types such as *.hlp, *.tmp, readme.txt e.t.c.

Step #4
Double click at compress.bat and wait for a while.

Step #5
Now delete the files compress.bat and upx.exe from the installation folder.

Step #6
Select all folders and files within the installation folder and Right-Click > WinRar >
Add to Archive.

Step #7
At the 'general tab' you click 'Create SFX' and 'Solid archive'.

Step #8
Go to the tab 'Advanced' and choose 'SFX Options' create in current folder so that the new archive can be found in the original install folder that's still open.

Step #9
Now go from the 'General Tab' to the 'Text and Icon' tab.

Fill in the text as shown below, where 'PROGRAM NAME' is written you fill in the EXACT SAME name of the original exe.

Setup="PROGRAM NAME.exe"
TempMode
Silent=1
Overwrite=1

So this will be:

Setup="UltraISO.exe" (Or whatever...)
TempMode
Silent=1
Overwrite=1

Step #10
You can uninstall your program now and test the portable one!

thx, good tut!