Acutally Skurj, i tried that same thing and it found the bad drivers again instead of the defualt XP graphics driver.
Had to boot into safe mode, find any and all video driver files through a file search, deleted them, rebooted in safe mode again, let windows install the default driver, then reboot, then install the correct driver for my card.
boy, i thought i was screwed....thank god for safe mode. (loooong story, no time).