Is there a way of making the list of "Installed Applications" useful?

Right now the agent just scans for what looks like *.exe and reports everything. This is useless. I get false positives on "installed applications" just because I have the CD copied to a non-system drive.
Case in point, I am trying to upgrade some software and have created a view for systems with the old version of a file, however some of those have the install point copied to D:, so they keep turning up as having the app "installed" even though it's not.

Is there a way to make it so the agent only scans C:\ or C:\Program Files, or actually looks to see what is installed VS scanning for EXEs?

"Installed Applications" should be renamed to "EXEs we found on all of your drives".