Migrating external drive array

Consider the following scenario

I have a SQL server with the databases stored on a external drive array. I want to migrate the ext drive array onto a new SQL server.
The problem i have is that both systems are running NT 4 server and SQL 7.

The old server name is ESC03 and the new is ESC08, both servers have been configured to store database’s on the D:\ and systen files on C:\

Has anyone attempted anything like this before or any idea’s on possible problems.

Thanks is advance