This is a good article from TechRepublic. It's applicable to both "back to school" computers as well as more general use at home or for your business.
The "things" are:
- Prepare it for the Internet
- Turn on ClearType and adjust your Desktop settings
- Configure the file system
- Set the screen resolution, refresh rate and DPI
- Activate Windows
- Copy over your browser shortcuts
- Install any needed applications
- Uninstall the crapware
- Set up your email and your homepage
- Backup your harddrive and registry (just in case...)
Please click over to the article to read the full details. You'll see there is an additional item about installing power toys, but that's only applicable for Windows XP which is not sold any longer...