VrBackupper is a free tool which can backup and restore your Oculus Rift installation, and/ or your saved games and applications.
Backup is simple. The program automatically detects your Oculus installation folder, and after pointing to your destination you can back everything up with a click.
Recovery is just as straightforward: here's the source, there's the destination, click "Start Restore" and wait.
VRBackupper can also be used to migrate your Oculus Rift installation from one drive to another (handy if you're running out of space), or from an old computer to your shiny new PC.
If you need more details, an online manual explains the basics.