Create MSI for slipstream SQL Server 2008 install

Question

I am looking at creating an MSI that will check/install the prerequisites of SQL Server 2008 and after the prerequisites are installed I will start my slipstream 2008 install.

I am currently trying to do this through VS 2008 Deployment Projects, but I cannot just simple add the folders of the SQL slipstream into the setup project without recreating the entire folder structure of the SQL install.

So my questions are:

Is this a possible to do through Deployment Projects? (if yes, please assist with links or help)

Is there a better way to do this? (I would prefer not to use WISE)