installing W2K pro Question

I'm planning to install W2K pro on a Partitioned and formatted to FAT 32 third disk drive,
the reason for doing this is,
in case of catastrophic disk drive failure<
(or MBR corruption) of the drive where I boot from.
Now my question is: Will I be able to boot to this drive in case the MBR of my main OS (W2K Pro) is corrupted,
and will it write to the MBR my newly installed OS (in this case a second W2K pro) and most of all will this plan work, for the reason that I've stated!

MY HARDWARE setup
Asus A7N8X De LUXE-V2
AMD ATHLON XP 2600+ 208 FSB 333
PAIR OF KINGSTON DDR 256MB PC2700-333 MHZ
PSU- THERMALTAKE WOOO9R 420WATTS DUAL FAN
GRAPHIC -ATI RADEON 9700\9500- 128 MB
HDD-1 WESTERN DIGITAL 40 GB 2MB CASHE Ghost files and such...
HDD-WD 60 GB Partitioned to 30 gb (where the W2K pro will be installed) and 27 gb FAT 32 for keeping files and such..
HDD-2 WESTERN DIGITAL 80 GB 8MB CASHE (Partitioned to 40\40 GB and formatted to FAT 32 with W2K Pro\WXp Pro)
SONY DRU510A DVD BURNER
SONY CRX 220E CD R-RW
SONY DDU1621 DVD READER
CONTROLLER-PROMISE ULTRA 133 TX2 (where the WD-60 GB is installed)
:)

Having a second instance of W2K can be a real lifesaver, and I do it myself. I also find it's useful for keeping any apps seaparate that refuse to play nice with each other. Corrupted MBR's can always be fixed from the Recovery Console, so that shouldn't be an issue. The most likely reason of not being able to boot into the new instance of Windows would be catastrophic drive failure of the hard drive containing the C: volume. Even then there are ways of starting Win2000 from a floppy.

Start Windows 2000 from floppy

SuperSparks thank you for the advice and link, that provided me with useful info that I wasn't aware of.:) :)