From what you have described, there shouldn't be any major problems in carrying out a clean install.
It sounds as though your machine would be capable of booting directly from the CD, so go into the BIOS and see if you can set this as the first boot device. If so, set it, back up any data you wish to keep (as you will loose everything), format the drive, place the Windows XP Cd in the drive and boot-up. Windows will now install itself onto your drive.
Once the installation is complete, the very next thing to do is install the motherboard drivers from your motherboard CD, or if you have later drivers, from your backup source.
Then its just a question of tidying up. Load any remaining required drivers, but most probably, XP will have take care of that for you.