When I format and I only have one drive, I put all my things on a memory stick (compressing all my files, I have enough with 1GB). You might want to buy something like that, or if you want a lot more room consider an external harddrive.
Those things are completely not the only solution to format, but in some cases (I don't know for you), it can always come in handy to have an extra hard drive, or a memory stick.