Can I build my system w/o a cd/dvd drive ?

I hope I finally have enough hardware to get started . Antec 300,psu,gigabyte G31,E5200,2GB ddr2 800 Gskill,19" lcd,keyboard,mouse,used sata 250GB hard drive,used sapphire 4650 . However , no cd/dvd drive or burner .
I have an old HP P4,1GB ram,ide cd/dvd,40 GB hd and the 250 GB hd . I recently downloaded win 7 RC and plan to use this OS for new build . Since the 250 hd is accessible thru the HP , I would like to format it and create several partitions . I was hoping to boot and install win 7 from a partition . Is this possible ? secondly , how about mobo or video card install cd ? Can I create them in the partition also ?

Thank you .

Hah yeah I was about to say that it is not possible as far as I know because there is currently no way to install an OS from the internet. That, however, will soon change.

As you found out though, a good quality DVD burner can be had for $25, so go ahead and put one in, unless your budget is so tight you can't even afford that.

There is also the cost of the media, but that's pretty cheap too.