Yes and no. You can access your XP partition from Windows 7 and vice versa. If you don't automatically see the partition that XP is installed on when you go to My Computer, then if you open your Start Menu, then right click on My Computer and select Manage, then go to Store, then to Disk Management you should be able to see your XP partition and have it appear in My Computer.
After that, you can browse through your XP programs and try launching them. For a lot of stuff it works fine. Music and everything can certainly stay in your other partition. For the most programs can too, but some either won't launch or will seriously lag if you run them from another partition in another OS.
For the ones that do work, you can simply save a shortcut to the programs or folder, and then you're set.
If you install a program like iTunes or use Windows Media Player, when you copy songs from the other partition into your playlist it will remember them despite them being in another partition, saving the need for having to copy them to this partition. Same goes for pictures, movies, etc.
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