UPDATE: Stefan Kruger's comprehensive list of repackaging tools at installsite.org.
Your question is a bit open ended since it is not entirely clear what the overall goal is:
- Application Repackaging: capture all changes and then package them into a deployable package format such as MSI (or similar).
- Reporting / Monitoring: just looking for a way to "see what happens" during an installation.
For application repackaging the main tool is AdminStudio (the main competitor "Wise InstallStudio" was pulled from market due to legal issues, see Wise section here: What installation product to use? InstallShield, WiX, Wise, Advanced Installer, etc).
AdminStudio has very comprehensive feature sets and a hefty price tag (and learning curve). You could try to use the trial version to do your repackaging and see if the resulting MSI is useable. If it is not you can convert it to a Wix MSI relatively easily via the dark.exe Wix tool.
Then there used to be more light weight tools such as PictureTaker and InstallRite which I suppose were better suited for "reporting purposes" but could be used for MSI creation. Both these tools seem to have disappeared as well.
There seems to be a new capture tool called Scalable Smart Packager CE (removed broken link Jan, 2018 - the tool appears discontinued). I have not tested this tool thoroughly.
UPDATE: I just removed a broken link to Scalable Smart Packager CE (appears discontinued). For repackaging software / tools, perhaps see Stefan Kruger's comprehensive list at installsite.org. Hard to keep up with all these tools that are useful but end up deprecated.
You could use the method suggested here: Tracking file and registry changes, or you can try to locate the old version of WININSTALL LE on a Windows 2000 Server CD in \VALUEADD\3RDPARTY\MGMT\WINSTLE
.
I believe Advanced Installer allows capture, but I am not sure you can export a proper MSI file with the trial version (or at all for that matter).