Slipstream WinMe (Custom Install CD)

Is it possible to slipstream Windows Me to create a custom install CD that is
already updated with IE 6 SP1 and other Windows Updates? You can do this with
certain versions of Office, and I've heard you can do it with Windows XP.
What about Windows Me? Does it matter if my CD is oem or retail?

Where could I learn about how to create a custom updated Windows Me CD?
Having such a CD would make reinstalling Windows easier. The biggest problem
I have with installing Windows is that it puts IE 5.5 overtop IE 6, and
sometimes Windows won't reinstall, it reinstalls with errors, or it
reinstalls with a corrupt browser and no internet access. I'm hoping a
slipstreamed CD that already has IE 6 on there will prevent these problems.

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SYSTEM: Windows Me, IE 5.5, 384MB SDRAM PC100/133, DFI PA61 PII Mainboard,
Katmai 550MHz Pentium III CPU, Dial-up & DSL Modems. Ethernet Network
connected to Win95a, Win98SE, and WinMe machines.