here's an interesting situation
currently i have 2 hard disks
both on first IDE channel :

hda containing windows
-------------------------
hdb contaning slackware
-------------------------
hdc is CDROM
-------------------------
hdd is CDRW
-------------------------
now .................
.if i am to move my second hard disk to second channel master
(i.e. hdb -> hdc)
how do i go about it ?
lilo is installed on the superblock of hdb1
what all files need to be modified before the change is made ?
boot = /dev/hdb1
root = /dev/hdb2
swap = /dev/hdb6

is this transition possible ?? or linux has to be installed afresh ?

You'd need to edit /etc/fstab and Lilo as well. That should be all, not counting any changes you may need to make to your BIOS's boot order