<i>is it possible to do this just by drag and drop? </i>
No.
You cannot drag and drop an operating system.
It is fortunate that you are able to back up all your data before the drive takes the giga_dump.
An OS looks at everything, understands where in the world it is, what machine it is on.
You cannot drag and drop Waldo into Fellatioland, when he originated in Cunnilingovokia.
Continue your backup, buy a drive, install that OS you paid for.
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