[newbie] install with /home unchanged

[Busterfred]

I run mandrake 7.1, with

 /,
/home,
/user/storage,
swap

on separate partitions.

I wish  to install mandrake 7.2.

Can I leave everything except < / > untouched and retain my music binaries
in < /user/storage > and my four identities and their desktop preferences in
< /home >? Or is it simpler and cleaner just to start over?

I assume I just avoid formatting my storage and home as I install. Any help
appreciated.

Busterfred