1. Yes, if you format you hard drive in new WinXP setup
2. If they just contain your data (mp3, documents etc) then they will be fine (as long as don't alter/format partition in setup!). If your other drives are the location of installed programs then you will have to re-install them when you have your new Win Xp install
3. e-mail? Favourites? Any save game data?
4. Any Windows updates will be wiped. You can just re-download them (could take a LONG time) or use a program called
Autopatcher (just make sure Service Pack 2 Is Installed first)
5. No problem