Tamren, i'd recommend KEEPING the PhysX_system for that specific 8800 since the shift in acceleration is possible with it. The chipset can handle whatever is thrown into the GDI array - if, of course, the game(s) or program(s) are currently using this 'boosting' feature. Dunno if GC2 exploits this advantage (going from 60FPS on average to 90+ is a huge leap in gameplay stability, btw!) though; someone at SD might say otherwise.
What the uninstall does is simple... it clears all references of earlier stuff from the OS itself; some of it, is archived, kept in odd locations (in XP) and grabs HD space for nothing except if you had to revert back from either a Restore Point or through other methods.
The actual presence of any newest Drivers outweighs (sometimes, in great amount) the risk of maintaining access to earlier versions of NVidia stuff.
Re-boot, as harpo said, and you're done.