I've had a simular situation way back in win95. I left it like that and it was fine. I can understand not wanting to format just for this. You might try and boot into safe mode and see if you can get rid of it, otherwise you could always use sysprep.
Sysprep will wipe out all your hardware settings, your serial number, and you activation. On reboot it will redetect your hardware, require you to enter your info and reactivate. On the plus side, you won't have to reinstall all your apps.
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