Don't delete the Windows.old folder till you have moved what you want to save from it to your present installation
So if there are some pictures for example in the "windows.old" folder you want to keep
copy and paste them to your new profile folder
When your all done saving whatever you need, you can then remove the "windows.old" folder
by simply doing a Disk Cleanup
Go to Start > All Programs > Accessories > System Tools > Disk Cleanup.
Click on "Files from all users on this computer".
Select the Drive where your Windows.old is>typically C: drive
In Disk Cleanup dialog, select Previous Windows installation(s) in the "Files to delete" list. Click on OK.