Is backing up that important?

OK so I want to install Windows XP on my 13" Mac Book. It says to back up the hard drive. I have like 148.7GB on my HD and I don't have an external HD nor do I have the money at the moment to buy one. I have a crappy minimum wage job and I'm in college.
So any help about whether its absolutely necessary to back it up or not, or a simple cheap way to back it up would be MUCH appreciated!

Q. How long has it been since you have backed up your 13" MB?
Q. How important is the stuff on that drive?
If you answered never to the first and not at all to the second, then don't back up your machine and just don't complain when something like a bad hard drive happens, your machine falls into a lake, or gets stolen from your car, etc.
If you answered never, and "very important", then you should back it up. I usually only back up my entire drive once a quarter and use either a cheap USB stick for backing up my data, which I don't want to lose. I can always reinstall applications. Even a 6 month old backup might help if for *any reason whatsover* your machine goes t.u.
No one can guarantee you that installing any software on your machine might not institute a bug, or virus (rootkit is something Sony is familiar with).
So if you don't care about your data, then don't worry about it. If you do, borrow some friends hard drive or buy a cheap USB stick (I just bought a 4 gig yesterday for my wife for $19) to get the job done. You might be able to use your college computer systems to somehow FTP a backup of your machine to a central location.
And XP runs fine on Parallels

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