Yes, norton ghost is one of many that can do this.
You need an external (or spare internal) hard drive, to put the backup on. It creates what is known as an "image" of your drive. Basically, it replicates everything. Programs, music, videos, everything.
If the worst happens, you have two options. Either restore the hard drive to the factory install (there may be an option as you turn your computer on to do this), and then once windows is back running again (but without all your stuff), you can install norton ghost again and tell it to put the last image you backed up onto the hard drive; restoring it.
The other option is to use the norton CD as a boot CD. You can turn your computer on with the CD in, and providing your computer can boot from CD (it probably can if it's less than about 5 years old), you can immediately choose to restore your hard drive from the last image backed up successfully.