Yes, why not if it's badgering you all the time.
Fix list at
List of fixes that are included in Windows XP Service Pack 3. There's a couple of features that irritate some people, but you can set them the way you want them faster than you can post about them.
If you routinely don't update stuff from anyone, and you have an ATI video card, you may want to update ATI's Catalyst drivers first. If you do routinely update, then the incompatibility was fixed way back.
No there's not.