There is quite a few blog posts and KB articles describing how to virtualize Microsoft Office 2010 with the help of ThinApp.
If you have Office locally installed but need to virtualize Project or Visio (many steps are the same as for Office 2010):
Additional information for German Windows XP:
If you follow the procedures described in above posts your package should work very well on an English OS. Jonathan Wilk (@DooDleWilk), Escalation Engineer at VMware Global Support Services, just sent me his notes working on a case. The package worked just fine on English Operating Systems and German Windows 7 (32 and 64-bit) but failed on a German Windows XP.
After some troubleshooting he realized that on an English Windows XP the OfficeSoftwareProtectionPlatform folder is located in the "Documents and Settings" folder. On a German Windows XP the folder is called "Dokumente und Einstellungen". So the workaround was simply to create the "Dokumente und Einstellungen" folder underneath the %Drive_C% folder macro and copy the content from your "Documents and Settings" folder. Rebuild and it works.
I wouldn't be surprised if other applications will have the same issue and therefore would need the same fix in order to be portable.