With Cameyo packager an entire Windows application can be virtualized into one EXE. It's free for up to 50 users.
It's also possible to pack multiple applications, but they will all start together on launch of the package.
Ranked in these QuestionsQuestion Ranking
There is a free version of the packager.
Application is isolated and can't change your environment, unless you specify otherwise.
Pro Run in browser
Apps can even run in a browser (also on non-Windows devices), see demo apps here.
Not all applications can be run successfully after packaging, e.g. Photoshop does not work.