create WinPE boot CD

I need to create a winPE boot CD for use with my backup software (Paragon Backup & Restore 10.2 free). The one created by Paragon free is a Linux boot CD that does not work correctly for me. They do have a WinPE CD but it comes with the $69 paid version.
I checked on the web and it seems pretty complicated to create my own WinPE requiring me to first install a 900 MB free program (WAIK) to create it with. Is there no simple way to create a WinPE CD right from my installed Windows 7 home premium 64 bit system (or XP system) or by simply downloading a WinPE CD iso?
Finally, how is a WinPE boot CD different from the boot CD the Windows 7 system creates?
Thanks.

These instructions come directly from Microsoft TechNet

Walkthrough: Create a Custom Windows PE Image

Yes but that requires you to first build a Technician Computer.
Can't one just download a WinPE iso and if necessary add files to it?
How is a WinPE boot CD different from the rescue CD the Windows 7 system creates?

Don't have the answer to that I'm afraid, Hopefully SIW in this post will fin your post he's very good at these things. Making Windows PE disk