In a nutshell .. No.
You would need to establish an array of some sort, like Raid-0. Now, you can do this if your machine supports RAID (hardware, that is. Software RAID is a very bad idea).
You could use NTBACKUP to backup your entire system, copying the backup file to a separate hard drive.
Install drive 2 (which must be indical to drive 1, btw), create the array through the RAID controller's BIOS. Install XP.
Then, install the drive you saved your backup file to, run NTBACKUP, and do a restore.
Voila -- you're done.
Instead of backing up to a third drive, you can backup and restore across a network. So, if you have a second PC with enough drive space, you can network them and save yourself the hassle of installing a third drive.