Your registry might be messed up. Before reformatting, try doing a repair. Check HERE for more information:
(It's a common problem, and you would be better off repairing than just reformatting). Just make sure you follow the directions in that link carefully.
To answer your question though, neither of those options will save your data. You only have one partition and it's corrupted, the best thing you can do is to try what I said above.