Hey Jim, if you are running XP, you don't have to install the software. I assume the external connects through USB, XP will recognize it as another drive with or without the software. I hate that crap they try to get you to install, it will try to connect to upgrade and cause all sorts of problems.
I have a Maxtor external, but did not install the BS...
Save your local folder, and your Trainzoptions files, your screenshots and any saved consists you have made.*
*Just off the top of my whiskey addled brain right now.