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Oh certainly. That's in fact one of the easiest ways to fix it. But first you have to identify what the cause is. When I got infected, it wasn't apparent and very random items happened in the OS (Win98 at the time). Heck, I thought it was just a bad network card. Took almost 8 hours of various troubleshooting (while helping others at the same time) before the clue meter kicked into gear and I decided to check with a boot disk.
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Another way you can get rid of an MBR virus is to blow away the mbr by running an assembler script from the debug console. I posted one earlier in the thread on "Erasing BIOS ". Of course, if you do that, you'll lose everything on the HDD, but the virus is guaranteed to be wiped out! :D