I've moved this to our Home & Home Office area for better attention.
For a start this must be XP SP3 and you can't expect programs to work by simply placement of Windows folders and you can't deal with programs by deleting folders. If you reinstalled the system you should have either done a 'Repair Install" which would have preserved your files and folders or a 'format and install' which would wipe the hard drive clean and involve installing all updates and software all over again.
What exactly did you do?
All you have to do is to run the removal tool from here http://service.mcafee.com/faqdocument.aspx?id=TS100507 and restart the PC
Logon to your account page here : http://us.mcafee.com and reinstall the software
Thanks for the responses April, Moderator and Prakash.
My OS is WinXP Home Edition SP3.
Earlier i had Intel motherboard and recently i moved to AMD motherboard.
I tried to mount my HDD on AMD motherboard but there was a serious problem with the drivers installation on the existing WinXP OS
Hence, i tried to re-install the Win XP again without modifying any of the contents under Program Files directory.
At the time of re-installation of WinXP, i had given the option to delete the existing Windows and create a new Windows directory.
"All you have to do is to run the removal tool from here http://service.mcafee.com/faqdocument.aspx?id=TS100507 and restart the PC
Logon to your account page here : http://us.mcafee.com and reinstall the software "
By following above steps, is it feasible to restore my license again ?
By uninstalling the program via control panel, it automatically frees up one licence from your available count. Please follow the inscructions here : http://service.mcafee.com/faqdocument.aspx?id=TS100996 and free up this PC license and then go ahead for an uninstall & reinstall.