New PC build-replacing boot partition

I'm replacing my mobo/cpu with Sandy Bridge parts when they become available tomorrow, and I'm hoping to be able to move my data partition over without wiping it. I've currently got my drive partitioned up such that C is Windows 7 and basic programs, and the D drive includes my Steam games and other data. I know that a new mobo means reinstalling Windows, so will I be able to just wipe the C partition, keep the D partition intact, and then reinstall Win7 over the C partition on the new computer without issue, or will all the programs on D fail to recognize and function with the new Win7 install?

Take a look at this tutorial:
http://www.sevenforums.com/tutorials/135077-windows-7-installation-transfer-new-computer.html

You wlll need to reinstall your programs if you reinstall Windows since infomation about them was loaded into the old registry and needs to be added to the new registry as well.
If you follow the tutorial, the programs should work.

I've been searching around a bit more and people seem to claim that if you reinstall Steam on the new W7 installation and point it towards the original install directory on the other partition it will in fact begin working properly again. Anyone have any experience with this?

I have read this several times about Steam also. I would try it.

There is no harm in attempting to boot up your old HD once you replace the mobo. Sometimes Win7 will start since it has all of the needed drivers in it's driverstore - it is only the order in which drivers fail to load which can stall it at boot animation.

Even then, you can boot Paragon Adaptive Restore CD to remove all drivers from the HD and it will start on new mobo. Or reimage with Acronis 10+ with Universal Restore.

I would unplug the data drive during any such operations including clean install.

Tips for a purrfect reinstall: http://www.sevenforums.com/installation-setup/125874-re-install-windows-7-a.html#post1086729

I would disconnect the data, but as it is only a partition I cannot do so. Hopefully everything will go smoothly.

I'm now on to the issue of whether my university purchased copy of W7 ultimate will still function on the new motherboard/computer, or whether I will require a new license. If anyone has the short answer on this I'd love to hear it.

Student deals are retail copies which can migrate to the computer of your choice for life. If it says "Upgrade" it also requires under the EULA a qualifying copy of XP or Vista to be on hand and not used again while it is acting as qualifier.

If you change major hardware components it may require a robocall during activation to update the hardware signature in MS activation computers.

That's so good to hear, thank you for the super fast and helpful reply!

Glad to help. Keep us posted on your progress.