How will you upgrade a driver when it asks "place your cd into drive x:" You will need the original files you installed your OS originally with. If they are on your hardrive however, it will work, just remove all the devices from device manager, shut down, replace your MB ect. reboot and windows will recognise your new devices. Make sure you have startup disks and the Emergency Repair Disk.
My advice is to get a win2k cd, you will eventually need it if your replacing motherboards and the like.