Yes, if you do the repair install (again, not the repair console) then all you are doing is reinstalling a good windows inplace of a bad windows. Your programs should work, some may not but it is rare for them not to, but all of your data will still be around.
It is only the system recovery discs that wipe out everything. Just make sure that you repair install Windows XP, if you are asked to format the drive then you have chosen the wrong option.
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