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I did the same thing when I got my video card, and to be honest, I don't know for sure that you can avoid redownloading the game if you reformat, especially not with burning it to a CD. However, if you're on a network, go into c:\program files\valve\steam (or where ever you installed it) and then copy SteamApps over onto another computer. Then when you reinstall steam, move it back over and you should be all set.
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