Using XML after deleting project file

I want to essentially delete FCP 7 projects that are over two years old that I have on my hard drive. I would like the option though to export an XML of a sequence, so if i were to ever need to re-edit an old project I can, as long as I have the raw footage. Is this possible to do by exporting an XML of the sequence, deleting the project and then later reopening it, considering the fact I still have all my raw footage?

~ Becca