Previews are just that. If you delete them, nothing in your project will go astray. You may need to rerender, but that is it. You can safely delete them.
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What Harm said.
However, you might want to strongly consider adding much more HDD space. A minimum of 3 physical HDD's (no partitions), and more would not be overkill. My workstation has 6x 1TB's and 1x 500GB for OS and programs. HDD's are getting cheaper by the day. Two weeks ago, Fry's (western US electronics retailer) had Seagate 1TB ATA-300's with full installation kits for US$89.00 on sale. Now, the exact connection will need to match what you have available on your MoBo, or a controller card.
We have 2 external hard drives hooked up to the comp, both are Seagate, 500 GB.
We read that you can specify the location for those preview files, and we were thinking of using one of the hard drives as the location.
Couple more questions:
Can you use external hard drives for such a task (hooked to the comp with a USB 2.0 connection)?
If we move the preview files we have left from the default adobe folder to the external hard drive, will premiere recognize that they've been moved there?
if you move the preview folder to a different drive, premiere will ask you where they are. However, it might be just as easy to let it rebuild them.at new location.
And as for external usb2 drives, they will work,but not as well as internal or esata drives which are much faster.