Blain
Using AVG makes sense for the purpose you mention, of course.
I may be able to help here....
My problem, which hasn't been resolved yet, is that I have no room on my C drive, but I have a large (120 Gb) HDD with other partitions. If I need to, I can move masses of programs from C drive onto another partition but my system files are clogging the C drive up.
How big is your hard disk?
Do you have partitions? If the answer is no, then you could consider getting Partition Magic or some cheaper alternative and partition your disk drive.
Then, you can transfer games and programs off your master drive and put them in the other partition(s). The point about this is that when \ if you reformat your C drive you will leave all the other stuff on the other partitions safe, but C drive (all the files you've left on) will be wiped and then revamped.
So the answer to your question, will it let you keep your stuff, is No, not unless you move it to a partition. But I've had an afterthought. Buy a USB storage drive (2Gb, 4Gb, cost about $20) and put the games on there. That way it's even safer.
If you find this relevant, and if I haven't made it clear, post again and I'll try and clarify.
Russell