Upgrading SQL Server 7.0 to SQL Server 2

We currently have a MS SQL Server 7.0 installation running on NT that needs to be upgraded to Windows 2000 and SQL Server 2000.

We currently only have the one SQL Server, but other file servers running NT are available.

What is the best practice for backing up the existing 7.0 databases, installing SQL Server 2000 and then restoring the databases on the SQL Server/Windows 2000 box?