upgrading to new machine / reformat?

So, just kind of a general question here... I colo'd a P3 1ghz CentOS machine and now I just purchased a new dual Xeon 2.4ghz machine. I'm not adding this new machine to the datacenter, but rather wanting to replace the current one there. would i be able to get away with just moving over the SCSI drives (non-raided) into the new machine and recompile the kernel?