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#1250
I would save the existing images you have so you have the ability to reimage either OS independently.
If you want a Dual Boot image of your current install and you have space to save it externally, then you can save that as well.
Your System drive is Win7 which means it can be reimaged and will start up without repair.
XP currently is booting via Win7 partition so will likely have to have its boot files repaired or be Repair Installed once it's reimaged to start on its own without Win7.
It is best to save these images externally so you have them if the HD fails to reimage to a new HD.