You actually can just go and delete Windows.old. All that folder contains is just your old stuff. There are actually a number of things that Windows 7 saves. However, it does end up being questionable what works and what doesn't.
A lot of the things you can find about what one from XP to 7 can go through can be found in the
My Windows 7 Experience Topic where I talk about my own experience through it.
Anyways, since Windows.old just contains a number of your programs as they were when you upgraded to Windows 7 and you have gone through the trouble of putting the stuff back on through means of an external hard drive, installation discs and install.exe files, you can go ahead and delete the Windows.old folder. You really don't need it and it only takes up space.
One thing I would highly recommend though is not only going online to find your drivers, but to also get out the CD for your motherboard. I had to pull out my old motherboard CD after finding it after all this time. All you have to do is run it and you should get a nice number of the drivers installed. After that, just go online for the rest of them.
Still, even after all that, you will want to make sure that all of your programs can work for this. Having the Pro version and so that you have Windows XP Mode will get most of them working. Some may need on-line updates. Other than that, there are those that just won't work because they were specifically designed for Windows XP. (Which is stupid in the first place.) You will have to look for ones that are designed for Windows 7 if that is the case. (Windows Vista versions should work just fine though.) Still, the Windows XP Mode will save you from a lot of problems.
Those are pretty much the best tips you'll get anywhere.
And this is all from someone who's been through it all. Trust me, I know the struggle.
