Thanks for your input guys. Indeed it is possible. It took me several days to figure it out. Here's what's required to use HDD bigger than 137GB with your Windows 2000 Pro (it worked for me 100%):
(1) Install SP4 for Win2000 (download it from Microsoft site for free
(2) Back up all your data (better make a copy of HDD 1-to-1 to another drive, or at least create an image of it);
(3) Format all your partitions smaller than 137GB and install Windows 2000 (or copy it from old drive 1-to-1 like I did. For that you can use Partition Magic, or Paragon Drive Copy. I used both.)
(4) If you have other hardware installed as well (like motherboard and PCI cards in my case) Windows 2000 won't boot up. To fix you will need Windows 2000 Professional Installation CD. Pop it in and boot from it. Then in a process of installation go up to a screen when installation screen shows your old Windows 2000 partition. Select it and then it will ask if you'd like to repair it. Select yes. (If it doesn't see that older version of Windows 2000 was installed -- you did something wrong -- DO NOT PROCEED! Possibly you partitioned your drive bigger than 137GB. In this case simply shrink all
partitions at least down to 130GB. For that now you can use another PC with WinXP -- it sees big drives by default. Use this drive as a second master there) If repair started, you'll have to sit by your PC and answer stupid questions like if you're reinstalling Windows. When done all your programs and documents will be preserved and working. No need to copy anything like first person suggested!
(5) Now if Windows boots up without a problem, do the following changes to the Registry (Start -> Run, type regedit, click OK):
= Locate this key: HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Servic es\Atapi\Parameters
= Add new value to it: EnableBigLba (Type: DWORD, Value Data: 1)
(6) Now you can expand your partitions to a bigger size (past 137GB) using Partition Magic or any other software designed for it. Again to do it you will need Windows XP. Plug your drive as a secondary. (Make sure that partitioning software supports NTFS and is reliable, as integrity of your HDD depends on it.)
(7) This operation may take up to an hour to complete. When done, restart and now Windows 2000 Pro should see your big drive.
For example: My HDD now has two partitions:
C: = 6GB;
D: = 480GB
Hope this helps, cheers!