Yes, Dan, that's the steps.
Also, watch for the gotchas:
1. Get a Windows XP Professional, SP2 installation CD if you don't already have one and use that in lieu of any "recovery" disk that Dell gave you. I say that because you get a nice clean install that way, sans any bloatware.
2. You may need to go into the bios of the computer and add the CD-rom drive to the boot order so that you can boot the install CD.
3. Once you have installed the base system and have it up and are connected to the Internet make sure to install all the drivers that came with the computer (another CD). These will be drivers for the vid, audio, network interface card/chip, etc. Or, better than installing from CD, go directly to Dell's website and get the latest from their "Support" area.
4. Once you have everything working, install the Free version of AVG (anti-virus) from Grisoft to keep everything clean. Avoid McAfee and Norton's like the plague.
TJR