Planning to install windows 7... and then I remembered I have no driver discs.

Windows 7 has generic drivers for most hardware (network/display/sound/touchpad etc). If your computer is 3ish years old then your PC/component manufacturer should/could/would have drivers for your hardware regardless. A big worry I have about older PC's is the graphics card, however since your PC isn't too old your graphics card manufacturer will have a W7 driver, no need to worry about that.

I see there being no reason why you should worry about upgrading. Be free child, be free of XP.