Sorry Pilot-Lite
1. Yes (if you have enough time that is) and the right software.
2. the other laptop does not need to be identical, but that does make it easier. When the HD is put back into the original machine, Win will reload some drivers to suit the new hardware, so for this excercise to work well, you want to copy the WIN98 directory of the CD to the HD in question, and setup windows from there.
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When all else fails, read the manual!