A repair install of an existing XP installation can be done with a Windows XP installation disk, but the tremporary installation files loaded form the XP CD at the time of the OS installation would be needed to install XP onto a specified location.
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Like a previous post why? you will need the cd and product code to copy the files to the hard drive in order to install, so that means a cd rom is needed, if you have both, why would you mess around copying to the hard drive first?