No you can't delete everything in there. Some of it is related to windows, others are driver software and then you have installed programs. If you give me a list I can tell you what is safe to delete.
Technically you could, as a fresh install of Windows will have nothing listed under programs and features. However, many of those applications you need. Driver software, browser plug-ins such as Flash, Java, Shockwave, Silverlight, etc. are needed if you want an enjoyable experience.
No you can't delete everything in there. Some of it is related to windows, others are driver software and then you have installed programs. If you give me a list I can tell you what is safe to delete.