I lost my windows xp home edition reinstallation cd that came with my acer laptop, Is there a way how to create such a cd from my current laptop? Is it possible to create a copy of the current operating system on the computer?

(Microsoft doesn't warranty windows xp since 2009 ,and my laptop is not anymore in the warranty period , but I do have the product key in bake of the laptop I just need a genuine copy of windows xp or any acer windows xp installation cd)

Sorry, but no.
You can clone your current setup, but this would be of limited use.

Are you certain there is no recovery partition as Acer's do tend to use this route.

Check to see if you have a small (10 G) D drive. If so, this is probably your recovery partition and you may still be able to create restoration disks from this.

Check the Acer website and see if you can find instructions for creating restore CDs for the exact model.