If you use the recovery HD partition to reinstall the OS over the top of your original install it will NOT wipe out the drive. It will not delete your files
You would have to do that manually using Disk Utility included on the Recovery HD.
But the question is why do you want to do this? What problems are you having that you want to re-install the OS?
If you have updated the OS to 10.7.3 and even "IF" the recovery HD download is on 10.7.2 it will not completely wipe out that 10.7.3 update and could leave you with a NON working computer. I do not know if it would or wouldn't as I have not tried it but there is a good chance that re-installing a older version of an operating system over the top of a newer updated one could make the system unstable.