Moving Linux Boot Partition

[greg]

My "home" server is older and running Red Hat 7.3 (AMD 450Mhz, 384MB 
memory).  Simple stuff, Apache, Samba, FTP, and SSH for the most part.  
It began with an 8GB HD which currently has the /boot and / 
subdirectories.  The bulk of the storage is on a 120GB drive with a 
/shared subdirectory.  I'd like to "add" another 120GB drive, which 
isn't easy based on the physical layout of the machine.  I see three 
main options:
1)  Find a way to add a third drive - possible, but not my first choice
2)  "Move" the /boot and / partitions to the current /shared drive and 
replace the 8GB with the 120GB drive - Sounds very difficult, is it even 
possible.  I do have partition magic, if it would help. 
3)  Reinstall a more "current" release of Linux - arguably the easiest 
but doubtless I have modified this machine in ways I don't remember so 
there will be some migration pain. 

Is two possible?  Relatively easy or fairly difficult?  What are the 
basic steps?

Thanks in advance.  I'm just looking for quick answers with advice on a 
wise path to move forward.  GGK