Fred Langa has a way to fix one's operating system without reformatting one's HD, but even though my optical drives show up on Windows Explorer, they are unable to read a CD placed in them. Consequently, I can't boot from the Microsoft CD. Am I doomed to reformat my C drive, thus wiping everything out?

In device manager, do you have an entry IDE ATA/ATAPI Controllers?
{This is assuming that your optical drives use an IDE interface.}
Make sure there is a controller for the channel your optical drives are on-primary or secondary.
If such an entry doesn't exist in the device manager that is the reason the optical drive can't read CD's.
You will have to install a IDE controller driver in that case. Normally it is available from your motherboard manufacturer.