Well, I'd say yes, under the following conditions:
- You do a full reformat (ie not the the 'quick' one your OS might offer you during the install).
- You make sure your computer is offline during the process (pull the ethernet cable/disable the wifi card if any)
- You make sure you're not reinstalling the said malware in the process: Clean, official windows CD purchased in the store, legitimate software etc
- You immediately install an antivirus (try avast) and antimalware (try superantispyware)
- Using a different, safe machine or even better, someone with more IT experience than you, destroy/wipe any remove media you may have used on the compromised machine (usb sticks, etc)

Good luck!