Yes; boot with the CD as if you were going to do an install.
Then after the "Welcome to Setup", press enter for the "To set up
Windows XP now,press ENTER".
Press F8 to agree.
..."use the UP and Dpown ARROW keys to select an installation"
"To repair the selected Windows XP installation, press R"
----> Press R and everything from that point forward will act exactly
like a fresh installation, including the stupid "If floppy disk in drive
A, remove it" which *really* means "remove CD", as well as re-entering
the key serial number.
All programs will be intact, the desktop will be intact; i cannot say
for OutRook as it is a POS that should *NEVER* be used unless someone
pays you at least a million dollars tax free! (Ditto for
InsipidExasperator).
I suspect that crap will also be there, because data on the hard
drive is not altered by this repair procedure.