no. i had boot.ini problems with previous version so I formatted and reinstalled. so it boots into new version easily but it cant boot into the previous.
So you don't have 2 just the wrong info in the new boot.ini ,easy fix is to change the amount of time it takes to boot to the good one ,right click on mycomputer/properties /advanced /startup and recovery ,settings and lower the time to display operating system to about 5 sec or so .this way you won't have to wait the full 30 seonds or hit the enter key
When you say you reformatted and reinstalled, did you delete the exisiting partition?
It sounds like you installed a fresh copy on a new partition and left the old one there.
If you only did this recently and haven't installed a lot of other stuff yet, the cleanest way (IMO) is to do it again, but this time delete all partitions so the whole disk is unformatted, then do a full NTFS format.