If you need to manage images by creating, converting, and editing files, then you will need to buy a software package.
There is a ‘Burn’ option that is only available for Personal, Pro, and Ultra DAEMON apps that lets you burn data, images, and discs. If you want to add a RAM disk, then you will need either the Personal or Ultra. DAEMON allows you to create VHD and TrueCrypt archives with all of the platforms except the freeware. While you cannot create bootable devices with the Lite versions, you can boot drives with the Ultra and Pro DAEMON disc tools: hard disks, USB sticks, etc.