I use PowerQuest Drive Image 4 which works well. The latest version DriveImage 2002 supports Win98/98SE/Me/2000 and XP. You can backup the drive onto floppys (although it will require lots of them), CD's or to a seperate harddrive or a partition of the same drive.
I've partitioned my 20GB harddrive into a C and D partition (using PowerQuest Partition Magic 6) The D drive is a complete backup of the C drive. It takes around an hour to back up 14GB of mixed files.
It costs around £45-50 in UK, so probably around $60-70 USD. I don't know of any other programs to do the same thing, but DriveImage should work fine.
Link to the DriveImage website -