Yes it is.
Make sure you know which of the two Win2k directories is the bad one,
then delete it ALL including all subdirectories. If you are seeing a
boot menu, that menu may give you a clue. The two dirs probably look
something like this, if they're on the C: drive:
C:\WINNT
C:\WINNT2
A small text file named boot.ini contains the info for boot menu display
and for actually booting. It is just a few lines of text, editable with
notepad. You must remove the Hidden, Readonly, and System attributes in
order to see/open and read/edit/write it. Boot.ini lives in the same
directory as ntldr and ntdetect.com, which is usually C:\.
Once you've gotten rid of the bad W2k installation, you can remove the
one or 2 lines in boot.ini that refer to it (but it isn't really
necessary). Make sure you do it carefully. If you do it correctly (and
there's only one bootable system on the menu), you won't see the boot
menu any more. If you don't do it correctly, you won't be able to boot
anything any more.