Falstaf,
This sounds dangerous;
During a new installation of Windows XP Professional, Setup displays a list of all disks and volumes installed in the computer. However, Setup does not differentiate between basic and dynamic disks, nor does it differentiate between installable and non-installable dynamic volumes. Therefore, before you begin, decide which volume you plan to install Windows XP Professional on, and then ensure that the volume is installable.
If you choose a dynamic volume that is not installable, Setup displays a message that the partition is unrecognized and that you cannot install Windows XP Professional on it.
When deleting volumes during Setup, especially if the computer contains dynamic disks. Deleting a single dynamic volume during Setup deletes all volumes on the disk and converts the disk to basic. As a result, all data on the disk is lost.
If you want to delete a dynamic volume without causing all other dynamic volumes on the disk to become inaccessible, wait for Setup to complete, and then use the Disk Management snap-in to delete the volume.
If you try to delete a dynamic volume during Setup, you are warned about this issue before any data is destroyed. You can then choose to continue with the deletion, which deletes all volumes and their data, or cancel the deletion.
You better make sure you have a backup of all your data before you begin, you have been warned!! :-/