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Windows XP Tips, Illustrations and registry edits
All the System Restore points can be cleared by disabling and enabling the System Restore option. This is discussed here. However, Windows XP provides an option to clear all the System Restore points except the very recently created point. This can be accomplished through the Disk Cleanup Utility in XP.
Now, all the System Restore points (except the recent one) are cleared and more hard disk space will be free.