It can be achieved easily with some steps. The basic thing is to create a appliance together with image and storage compatible with your physical machine. After boot from the network, you can use Windows 7 or Windows Server 2008 DVD to install the OS into iSCSI LUN.
After finishing the installation, you can immediately boot into your brand new machine through network. You can see below is my iSCSI LUN disk booted. Now I don't need any hard disk in my local machine, everything is centrally managed.
Have fun!