Windows has the setx command:
Description:
Creates or modifies environment variables in the user or system
environment.
So you can
You can also create a small VBScript script:
Set env = CreateObject("WScript.Shell").Environment("System")
If env(WScript.Arguments(0)) <> vbNullString Then env.Remove WScript.Arguments(0)
Then call it like %windir%\System32\cscript.exe //Nologo "script_name.vbs" FOOBAR.
The disadvantage is you need an extra script, but it does not require a reboot.