Can I restore my XP system while I've installed windows 7?

My old hard drive was down, so I replaced it, and installed new system, Win 7. But now I want switch back to XP.

 

Fortunately, I used Ghost to save a copy of my old XP system disk  on an external hard drive.

 

Can I now install ghost in my new system, and use it to restore good old XP?

 

BTW, my CD R/DVD is down now, so I can't use boot CD for that matter.