|"i want to reformat my hard drive and do a clean install"|
What's wrong that you feel will be fixed by a fresh install?
If you have an XP disc, the product key, all the device drivers, copies of all your software, & know how to install XP to a presumably SATA HDD, it can be done. But the fact that you've asked the questions you did tells me you're not very experienced at installing an OS.
Don't forget to make copies of all your important files, documents, photos, videos, music, etc.