XP hard drive in new computer, will it work?

I’m in the process of building a new computer, and to save money, I’d like to use the hard drive (and OS) on my current computer. I’m pretty sure simply plugging it in will not work, as the hardware (X2 5600+, 2g ram, 8800gts) is vastly different from what I’ve got(xp 2600, 768 ram, fx5200).

If this works, I’d like to set up raid 1, and copy the existing OS and data, then set up a dual boot with vista home premium.

Is this doable?