Yes, CM7 nightlies are in the 170s now, but the last official stable release was in May. I've seen some trouble reports on 177, but 176 has been rock solid for me. You wouldn't need to upgrade to a new nightly ever, if you didn't want to be bothered, and I wouldn't even recommend frequent updates--I update once or twice a month, and I'm keeping up on CM7 development.
WinImage is a standalone program, and one of the few that will burn and rip images on SD. You could use it to back up a bootable card, but what jhempel was describing was downloading an image of a ClockworkMod card, burning that image to a SD, copying a generic stock firmware .zip to the card, booting to the card and using CWM to install the .zip, restoring his NC to stock.
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Originally Posted by jhempel24
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What I linked her was a less wall-o-text version of the OP of that thread, with a link to the original.