WMI actually takes a good portion of its data from the registry. The system stores plenty of information in there about the system, and it's obviously very quick to respond.
If you're looking to lock to the motherboard, CPU and/or HDD for licensing reasons, check out the following values:
HKLM\HARDWARE\DESCRIPTION\System\BIOS\BaseBoardManufacturer
HKLM\HARDWARE\DESCRIPTION\System\BIOS\BaseBoardProduct
HKLM\HARDWARE\DESCRIPTION\System\CentralProcessor\0\Identifier
HKLM\HARDWARE\DESCRIPTION\System\CentralProcessor\0\ProcessorNameString
HKLM\SOFTWARE\Microsoft\Windows NT\CurrentVersion\DigitalProductId
HKLM\SOFTWARE\Microsoft\Windows NT\CurrentVersion\ProductId
HKLM\SOFTWARE\Microsoft\Windows NT\CurrentVersion\BuildLabEx
HKLM\HARDWARE\DESCRIPTION\System\MultifunctionAdapter\0\DiskController\0\DiskPeripheral\0
(may be specific to boards with RAID in use)
If you want to get the disk serial without WMI, issue a DeviceIoControl call to the physical drive device. Sample code in VB.NET: http://www.dreamincode.net/code/snippet429.htm