But be sure to change the location of the temp folder that you send the data being ripped, via CloneDVD, to the partition that has been converted to NTFS format.
I have always doubted the safety of converting a FAT drive, containing the actual operating system on it, to NTFC. Maybe others have no fear of this. If you have only one partition (C:/ drive) you may be safer to just get out your WindowsXP disks, collect all your programs and product keys and save your data and keys to an off-drive location etc. Then you have to reinstall Windows, this time choosing the installation option to format the drive to NTFS format instead of FAT32, during the installation of XP. Most pro's reformat and reinstall once a year anyway, just to keep the system functioning smoothly.
I think PowerQuest Partition Magic (now owned by Symantec) may have an option/feature to convert your primary drive (with XP and all programs & data) to NTFS during it's DOS boot (command line) phase but I have never dared to risk my systems integrity and my data etc using this method. In either case, backup everything first!