For example I need to know the files created by the installation, the registry key entries, system changes, etc. It would be ideal if I could revert the installation. The solution should not be virtualized. It could be a combination of sandboxing e.g. sandboxie however with the ability to view the registry changes, directory and file updates & changes, etc. I used to be able to use Altiris SVS however it is not supported on Windows 7, Windows 2008, etc. The solution should be ideally free.
All I can think of is Cameyo. It can be used for creating portable applications. It takes a snapshot before the installation and then after and gives you a package in the end that contains all the files and registry entries that were observed as changed.
What do you mean by "it shouldn't be virtualized"?
Here's a website that shows step by step process for creating portable programs.