I have tried several ways but by far the fastest and best method, in the future for reinstalls, is to use another computer and transfer apps from optical disks to USB drive(s).
I have one 16GB Flash drive, and I used it for OS X, Combo Update, iLife, iWork, and Office for Mac. I made one partition for OS X with a journaled format. I made another partition, that's not journaled, for all of the software. The combo update file, allows me to update from 10.6 to 10.6.5 without downloading it again. Every time I update OS X, I use the combo update so I just download it once.
It works great, and if/when I need to reinstall I can just use the Flash drive and not worry about using several disks, an external optical drive, or the very slow wifi drive sharing method.
I really think this is the best way to go about it for now and the future. You take the time to do it with all of your apps once, and you don't need to worry about it whenever you want to reinstall apps or clean wipe the system.