I'm not sure of how to do that, but I know that you need to be booted in a separate system (separate HD/partition).
Just try to install the system from the partition and see what happens...
Kernel panic after boot in the new system almost certain...
What you could do is create an image of the installed system (configure it the way you like it), and you could use that extra partition to hold another installed system and that image with the backup system.
When you need to re-install, you just need to boot from the extra system and using diskUtility, restore that image...
(don't forget to follow the instructions for the image creation (type man asr in the terminal))
Of course it would be more logycal to boot of the install CD and do the restore or keep the install files on the CD as initially...
If your consern is the speed, I think the install CD and the restore is the quickest/cheapest method...
If you intended to have all the installations in one place instead of in the three CDs, you could build your own install DVD (presuming that you have a DVD burner/reader)
HTH