Thanks Renegade334!
I have came up with my own solution which should work fine unless unexpected things occur in the process. Generally, I have just made a reinstall via parallel installation in order to obtain basic functions, such as utilizing the dvd writer via Nero 7 as that getting a random external HDD may be a little risky as that there are quite a few with issues, while memory cards are rather expensive unless they are on sale. I got the 16GB for 30-40 bucks but currently, the price should range between 80-120 bucks. And the fact that I have a huge bundle of DVD+R just mean that getting expensive memory cards isn't worth it, especially that I had recently got a brand new external dvd writer with light scribe technology.
Once everything is ready, I will be doing a clean installation by removing the previous OS installations via format the drive. The risky part is that there is a chance in which I will be plagued by the activation loop but I do have the genuine license key. Only problem now is to create the disc via the i386 folder. Everything is pretty much completed except I am currently having problems creating the disc through ImgBurn as that I have the latest version and I am reluctant to reinstall the very useful program with an earlier version as that it may cause unpleasant issues. Thus, I will have to install the earlier version on my third OS of the old laptop as opposed to this one. I haven't tried it yet.
Instead, I am experiencing problems with transferring ownership even though this was never an issue on last parallel installation. Not just that a few of my programs (AlltoAvi, VLC Player, Opera) cease to work, I can't even get the
sound drivers or the power saver to work either. Generally, it is currently in worse condition than it was a day ago. A day ago, it doesn't have power saver working either but the least to say, I don't get the
fatal error message on startup which I do now.
Aside from this, Nero 7 doesn't work either as that I get this
error message and since I can't get the sound drivers to work, I get this
error message when trying to play a mp3. It seems that nothing works aside from very basic functions.
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Update: I decided to give it a shot and things seem to look pretty good with few exceptions. I re-entered safe mode as the Administrator as opposed to Kira01 and did an ownership transfer the second time. I restarted my system and now, I have access to all those non-working programs that had directory issues. Aside from that, I did a sound driver installation and it worked. Currently, graphics and sound are back but still... I keep on getting that power saver fatal error message on startup which can't be uninstalled as indicated at the time of attempted installation due to some errors. Generally, it is back to how it was a day ago except for the fatal error message on startup.
As for Nero 7 Essentials, I had to reinstall it with my new disc as that my other one had died along with the old dvd writer as that it froze on the stage of installing the extras. My new disc comes up extra features such as light-scribe and Direct X v9.0c which seems to be rather useful but I am still cautious about installing it onto my Vista 64-bit as that it is really unnecessary. Supposedly, I do have a light-scribe disc but there is no use for it while the fact that Direct X v9.0c will no doubt enable the use of the PCSX2 which is also unnecessary to me as that I have a working PS2 console. Thus, I will just keep things the way they are until I feel like spending quite some time into reformatting the drive and doing a fresh installation which will hopefully turn the old laptop back to factory status.