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#11
1) Yes, you can install multiple versions of win7 on different partitions. See this excellent thread on the subject.
can i install two win7 in two partition in same pc?
However, I dont see much point in that because you'll need to reinstall all your programs anyway plus you might run into bootup problems.
2) What you can do is use win7 Easy Transfer to back up settings to an external hdd, then restore them in the new setup. Easy transfer lets you migrate program settings (not the actual programs themselves), user accounts, internet favourites etc. See this page.
Transferring files and settings: frequently asked questions
Make sure you back up all data files (just copy paste to external media). Then, do a clean install of win7 over the current win7 partition, reinstall drivers and programs, and restore easy transfer settings saved on the external drive.
3) All the HP software can be downloaded from the HP support page for your model. Office 2007 reinstall shouldnt be a problem since there is no change in hardware.
4) Just a couple of additional things though. You CAN purchase an anytime upgrade key and be done with it. Second, are you sure you need Pro over home premium? For a typical home user, the home premium edition normally suffices. What additional features are you hoping for from pro?