Can Patch Manager query a machine and then issue a report showing its operating system and installed third party software (and their associated version information)? If so, is this a standard report or would it have to be custom?
The installed operating system is a native attribute provided by the WSUS server, listed in the "Operating System" column of any WSUS Target Group display.
Inventory of installed software is a feature provided by Patch Manager and can be obtained in two different manners:
Information on Inventory and Reporting capabilities in Patch Manager is available in the Administrator Guide at
http://www.solarwinds.com/documentation/en/flarehelp/patchman/#SPMAG_InventoryandReportingOverview.htm#_Toc351629214
The report for installed software via WSUS/WUAgent is named WSUS Inventory - Programs and Features and is found in the "Windows Server Update Services" report collection.
The report for installed software via WMI is named Installed Programs and Features Basic and is found in the "Installed Programs and Features" report collection.