In general, yes. They are saved in folders named like this "C:\WINDOWS\$NtUninstallKB8212390$". But they are accessed via the Start > Settings > Control Panel > Chnage or Remove Programs, make sure Show updates is checked.
I don't know if you can just copy those folders and then reinstall them on another computer. The usual way to do this is either a. download the SP2 pack from MS and install it outright when you reinstall the OS, or b. resinstall the OS, and use the Windows Update function and let it get all the cumultive updates for you. To do b. you'll need a valid, licensed copy of the OS, the update will do a check for this.
“The best argument in favour of a 90% tax rate on the rich is a five-minute chat with the average rich person.”
- Winston Churchill, paraphrased.
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