Sim, você pode realizar essa ação sem perder seus programas instalados.
Veja a ajuda dos Fóruns do Windows Seven da Microsoft para orientá-lo passo a passo sobre como reinstalar o Windows 7, preservando a sua versão atual. aplicações (jogos, programas, etc.), definições de usuário, documentos, etc:
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Como fazer uma instalação de reparo para corrigir o Windows 7
This will show you how to do a repair install (aka: in-place upgrade install) to fix your currently installed Windows 7 and preserve your user accounts, data, programs, and system drivers.
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Como executar um reparo de inicialização no Windows 7
Startup Repair is a Windows 7 system recovery tool that can fix certain problems, such as missing or damaged system files (ex: MBR boot file), that might prevent Windows from starting correctly. This will show you how to run Startup Repair to allow it to scan your Windows 7 computer for a startup problem and try to fix it so your computer can start correctly.
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Como inicializar as opções de recuperação do sistema no Windows 7
This will show you how to boot to the System Recovery Options screen to select the Startup Repair, System Restore, Complete PC Restore, Memory Diagnostic Tool, or Command Prompt option to use on Windows 7.
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Como criar um disco de conserto de sistema do Windows 7
This will show you how to create a Windows 7 system repair disc to be able to use to boot to system recovery options to help recover your Windows 7 installation if you don't have a Windows installation disc, can't find your Windows installation disc, or can't access the recovery options provided by your computer manufacturer.
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Faça o download dos discos de recuperação do sistema do Windows 7
What it does: The Windows 7 Recovery Disc can be used to access a system recovery menu, giving you options of using an antivirus, System Restore, Complete PC Backup, automated system repair, and a command-line prompt for manual advanced recovery.
What it doesn’t do: You cannot use the Windows 7 Recovery Disc to re-install Windows – it only fixes (not replaces!) Windows.