I actually own a copy of Windows XP, Vista and Windows 7 so I'm good. If I ever decide to reformat my Mac, is bootcamp on the Mac OS cd or will I have lost bootcamp software?
BootCamp is a part of the standard install of OS X. You'll want to hold on to your disc for other reasons though, mainly because it has all of the drivers you'll need under windows.
Yeah, if you're thinking of things like Parallels, there are reasons for wanting to run Windows right along side OS X. Parallels, VMware, and VirtualBox allow you to run Windows inside of OS X itself, while Boot Camp requires you to restart your computer and choose to launch Windows. Both have advantages and disadvantages.