Don't create a Guest account - create a proper named user account. Make sure it isn't in the Administrator or Power user groups.
You don't mention what OS - with XP, programs that have been installed by an administrator or equivalent are available for all users, with a couple of caveats.
You will probably have to find the shortcut(s) to launch the program and make it available to All Users or copy to the new account, and some badly written programs may assume that the userdata location when installed originally should always point to the profile of the installer, which may cause problems.
But most mainstream applications (e.g. MS Office) will work fine.
If you have problems with account creation and privileges, the MS website is usually a good place to find "how to's".
SD