Perhaps we can try to simplify this & or break it up.
First off without a full version XP CD you are limited to your recovery disks as they pertain to their particular drives & machines.
If you have a tower pc with a working OS you can install the other drives as slaves & extract their data.
Although you may be able to extract data from Excel or Quattro Pro I doubt if you will be able to use those programs unless you can get the OS working on the drives where the program is installed. Do you not have Disks for Excel or Quattro Pro? Perhaps they were included in the Driver & Application Recovery CD?
If you can get the data off the drive & then reinstall the programs then perhaps you can Import the data back into the program.
There is a free data recovery tool here:
http://www.pcinspector.de/file_recovery/UK/welcome.htm
Although I am unsure how much help it would do in this case.
Using your HP & Compaq Recovery Disks will only work on those particular drives on their original machines. They will also totally WIPE those drives as they restore XP.
As to formatting & using the drives in the future that is simple as long as the drives themselves are ok.
We can cover that if you get to that point.
Let us know if this starts to help.