Windows 7 Thumbdrive

Hey guys, I just got a new rig and am waiting on the CPU to arrive since UPS found it necessary to ship it the opposite direction then fly it back to a state above me which makes me say many bad words about them in the meantime. Anyway, I was just wondering if it is possible to make a windows 7 installation USB drive from my current XP SP2 Home Edition machine? Every guide I've seen requires Vista/7 and I can't seem to find anything else at all. Would appreciate some help on the issue. :4-dontkno

Notes: I have an OCZ Diesel 4GB drive which is formatted to NTFS and is ready for the disc, just can't find a reliable way of creating one.