Grub usually 'chainloads' the windows boot manager, that is to say it leaves windows bootmanager alone, and just adds an option to boot either your linux partition or the windows boot manager. In my opinion, you would do well do leave it like that..if you wipe out grub accidentally then you may have a hard time getting windows to boot (if you are'nt completely sure of what you are doing).
I have,on several occassions done this, and booting from the windows xp disk and typing /fixmbr or whatever does'nt always fix it...then you have a headache.
Just my 2cents
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