It shouldn't be that hard.
Create the partition you would like to store the back-up in. It doesn't matter what file system it is, so just use NTFS.
Copy all the files from the Parted Magic ISO to the / of the new partition.
Read this: http://atagunov.blogspot.com/2012/04/in ... linux.html
And this: http://partedmagic.com/doku.php?id=frugal_install
You will have to use GRUB for a boot loader. You can always put the windows boot loader back with your windows installation dvd.