First, make sure to backup (sqz) all of your project, library files, etc.
You may have a bit of problem by setting it up on a new drive, as UFT automatically looks for files where they were originally installed. You can probably find out more about this at: http://www.rootsusers.org/FAQs/anat2.htmhttp://www.rootsusers.org/FAQs/anat2.htm
Then you will want to install your original UFT CD into the new hard drive, making sure that all downloaded updates are again downloaded to the new drive. Then take your backup and open it...you will get messages that you can't find... (i.e., V-PHBook, etc.) and you will have to point to the new drive. After that, everything should be ok. I would suggest once you get a nice, clean setup on the one hard drive and know that it's running correctly, that you delete UFT and all files from the other hard drive--this would prevent any cross references, etc., when working with your program as well as when doing a search of your computer.