Ummm what do you mean extract your driver? Do you mean all your system drivers for all your hardware. The answer is no, not really. I mean physically you can extract all the files that are installed if you know what you are looking for which is pretty much imposssible. But there are reg entries and other links that would need to be established.
Best thing you can do is download all the newest drivers for your hardware and put them on a cd before you format. Then you can re-install and use the cd drivers to get back up and running.
iF YOU MEAN GRAPHIC CARD DRIVER THEN YES JUST UNINSTALL IT IN ADD\REMOVE...BEST BET IS ALSO USE DRIVER CLEANER WHICH WILL CLEAN ALL THE CRAP OUT BEFORE UPDATING A NEW DRIVER
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Best thing you can do is download all the newest drivers for your hardware and put them on a cd before you format. Then you can re-install and use the cd drivers to get back up and running.