lawe, yes is like setting up a cdrom in response to your pm to me. make certain the drive is seen in the bios & if on same cable as new hd not jumpered the same unless pc is a dell then it is cable select.
If you wanted to, you could easily convert your old PC into a NAS box (Network Attached Storage).
This involves running a small piece of software on your old PC, which wopuld turn it into a fileserver that your network can utilise. I personally use NasLite2.0, written by a few guys at serverelements.com. It is a really small footprint linux based O/S and supports features like hardware RAID, ftp access, network shares, RSYNC, Samba NFS etc and can be installed on a 32Mb Compact Flash card, and booted from the USB so your hard drives are used purely for storage.
This could let you use your old PC as a mass storage. Mine currently is an old PIII with 4x Seagate Barracuda 500GB SATA II Hard drives with an Adaptec 2410SA SATA RAID card, configured in RAID 1+0.
This gives me 1TB of mirrored storage which is available on my network, I can also access this externally via FTP so I can always get to my files wherever I am.
Also you can keep adding drives to this setup at a later date to increase the storage.
If this seems a bit overkill or too much like hard work, then do as previously stated, swap the hard drive over to the current machine.