Thanks sgmunson
Hardware part is ok, that will be taken care of appropriately.

However I just wanted to know what are the steps to be followed, if we need to uninstall and reinstall a different version (OR even a different EDITION of same version) on the same server.
Whats the efficient method to migrate user databases, logins, jobs and other objects etc. from the existing instance to the new instance on the same server ?. Thanks for your support again.