Do you have any backups of this server's registry?
You can of course restore some default values, but other programs (ex. Microsoft SQL server, Dell's OpenManagement software, etc. etc.) modify the PATH and add their directories as well, so the only sure way to restore the PATH variable to its previous state would be to restore the key in the registry. If you don't have a backup, try adding back some default values:
%SystemRoot%\system32;%SystemRoot%;%SystemRoot%\System32\Wbem