Yes, but lots of folks don't understand that a repair install option is only intended to repair the system well enough to recover critical data prior to a clean install and is not considered a stable resolution.

You don't have to delete the partition or recreate it. All you have to do is make sure you have the partition labelled C:\ highlighted before you proceed with the install. You'll be asked about the existing operating system. Choose install, not repair. You'll be given formatting options. Choose 'Format using NTFS (Quick). This will complete your format in just a few moments, and will proceed with the installation and starts copying files to the hard drive. When it's done copying files it will reboot your computer. You'll see "Press Any Key to boot from CD" again, but from here on out you ignore that prompt during the install no matter how many times the system may reboot during the process. One question comes up that's really important during the install and that screen asks about your computer's name. Because the screen comes up right after the screen where you've entered your name as the owner, the computer will try to self-generate a name for itself and may try to incorporate your name into the computer name. To prevent possible issues in the future, if the computer tries to name the computer *username*-556D8K1, you'll need to remove *username*- and leave the random numbers and letters (unless you're on a network and have to give the computer a specific name). 

Hope this helps! =)

http://www.winsupersite.com/showcase/windowsxp_sg_clean.asp
http://www.djdenham.com/Install%20Procedures.htm#Install

 

A repair install is okay provided the system is not too badly out of shape, but a clean install is always better.