sigh...I must be doing something wrong. I'm sure you guys will start to hate me. xD
I tried the manual way first, got an error at the command prompt each time. So then I tried using the easyBCD program but I was unable to change the drive letter when I first added it, after I went back to the entry I was able to change the drive letter(F:/ is what I assigned from Computer Management) however it also changes the drive letter for windows 7 as well. Then whenever I reboot and select Windows XP it gives me an error saying the Boot.ini was invalid.
from the command prompt trying to do it manually:
C:\Windows\system32>bcdedit /create {ntldr} /d Windows XP
A description for the new entry must be specified.
Run "bcdedit /?" for command line assistance.
The parameter is incorrect.
C:\Windows\system32>
Also, I just went back and tried to change the drive letter for the fun of it but it said "Windows cannot modify the drive letter of your volume. This may happen if your volume is a system or boot volume, or has page files." O_o
edit: thanks for all the help so far!