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Unless you reformat your hard drive/partition, it'll move everything you had into a folder called 'windows.old'. It should also install a boot loader so you should still be able to launch Windows XP if you select the "launch older version of windows" (or something similar) option.

I haven't tried the 64-bit version of Windows 7 yet since my hardware isn't really worth using a 64-bit OS. The 'windows.old' folder Windows 7 saved me when I accidently screwed up the booting for XP before I had finished backing things up before a reformat, lol.