AFAIK, you can still install versions going back as far as Office 97, and possibly earlier, if you have a system that they're compatible with. That's to be expected, because the Licence agreement provides the licensee with a contractual right to use the product forever. Accordingly, I'd be surprised if MS decided to void those licenses just because it no longer supports the products. Besides, doing so for such old products with such a small user base would cause MS more grief and loss of goodwill than it'd be worth.

Although you can't really "save" the updated state of Office, you can download all the updates, instead of just installing them, so you can redo the installation exercise later on without going through Windows update. And, of course, if you do a complete image backup of your pristine reinstallation once Windows and Office are fully updated, then you can use that image next time to recreate the pristine state in far less time than it takes to go through reinstalling Windows and all the apps & their updates.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]