In a word yes. The only way I would do that is if I really didn't care
about what was there. However
there is a product you can buy to do shadow backups. If I remember
correctly it is call Ghost
something, maybe backup. It takes a snapshot image and saves that on a
writable media. We
used to use that to restore the company licensed PC's when someone left
the company and we
put their provided PC on another desk. In that case you have a backup
and can reload it. With
out the MS supplied disks you can't reload. Their might be other third
party back up programs
out their to save you image also. But you might need a tape drive to do
that, don't know for sure.

Don't waste your money on Windows imaging software. Get SystemRescueCd at

http://www.sysresccd.org/Main_Page

This is a bootable Linux system with Partimage included, among a lot of other
disk management software. I used it to transfer my Win XP and all software and
files to a new hard drive. The only thing I had to reinstall was the NVIdia
driver.

Apparently through its automatic update security hole MicroCrap has now updated
people's XP systems such that they will detect things such as being plugged
in to a new Motherboard and require re-validation before functioning again.
Other changes also trigger this demand for re-validation. I would venture to
guess that a re-install of any kind does too, but maybe not.