Assuming you have more than about 10 gigs spare why not slice off a chunk ( http://partedmagic.com/doku.php?id=downloads /gparted being able to do such a thing with ease) and install XP to that- properly managed XP needs only a few gigs and that will be enough to test drivers out.
Likewise you can change the location of my documents and such like with relative ease if you want as well but after your tests if you want you can then delete the old partition and grow the new one with XP on it.
As others have said though do consider jumping to 7 as it about in line with XP in terms of resources needed to run a halfway modern machine (I doubt you could get 7 going on 256 megs like you can XP but 1 gig and a decent processor and there is nothing in it), bonus is 7 should be around for a bit longer (time will tell whether it will drag on like XP) where XP finally bites it in April.
Likewise you can change the location of my documents and such like with relative ease if you want as well but after your tests if you want you can then delete the old partition and grow the new one with XP on it.
As others have said though do consider jumping to 7 as it about in line with XP in terms of resources needed to run a halfway modern machine (I doubt you could get 7 going on 256 megs like you can XP but 1 gig and a decent processor and there is nothing in it), bonus is 7 should be around for a bit longer (time will tell whether it will drag on like XP) where XP finally bites it in April.