Thanks, this steered me in the right direction and I was able to retrieve the xml files needed to do an silent install of the applications. I installed the software on my machine, during which I pointed it to the license server. After doing that I went into each application folder with in the 'PTC\Creo7.0.1' folder and retrieved the 'xxx.p.xml' files for each and put them into a folder that I could reference during the install. The command line command I used in SCCM was setup.exe -xmlall "xml" ("xml" being the folder in the root location that contained all of the files).
If anyone is looking to be able to do a smooth update between application versions, The way that I did it through SCCM was to make a Task Sequence and set conditions up to look for the specific application folder like 'Creo5' or 'Creo7.0.1'. If it existed then it would run the 'silent_Group_Uninstall.bat' file found in the Installation Manager folder within the 'program Files\PTC\Creox.x folder'. That will remove the old version from the machine first. After that the Task sequence would then install the newer version onto the machine.
Thanks to everyone for your help in setting me in the right direction and giving me other ideas on how to install the software and giving me more options to do so.