How to change a user profile location

I am using windows XP, that is not on a domain.  I have a smaller C drive and would like to store all the user profiles on another drive, since my wife has a lot of file on her desktop.  Additionally it would be nice to be able to reinstall windows and link to the old profiles.

Is there an easy way to make the change?  Can I copy the user's file to the new location and then change the location of the profile for the user?

Under the settings for a user profile, what is the home folder local path and what is the profile path?

Any suggestions?  I have seen some pages where they said that some registry changes are needed, but there still might be problems.  Is there an easier way to do this?

Or should I just start up my server and put the workstation on the domain and go about it that way?

I am no expert in user profiles by any means so any info is apprediated.