It is basically easy and a Clean Install will eradicate previous problems by formatting the partition or drive.
Afterwards you need to go to Windows Update and get all Updates.
You can pre-download SP2 if you want and create a slipstreamed XP SP2 CD from which to install from thus eliminating the need to reload SP2 again.
This all assumes that you have the proper Product Key for this XP Home version and that it is not in use on any other computer. Otherwise you will not be able to activate it.
A good guide to Clean Installs and Slipstreaming can be found here:
http://www.michaelstevenstech.com/cleanxpinstall.html