You can BACK-UP your licences using Windows Media Player, but you will need to be connected to the internet to reload it after you reformat.

I have never backed up my licenses, but I was able to get them after transferring DRM-protected CD-ripped .WMA files to my new PC. I just needed Windows Media Player to get my licenses from the INTERNET (Note that MS allows you to RESTORE licenses 9-10 times max!)

Before removing DRM protection you will have to get VALID LICENSES so that you can play files.

• Use LOSSY DRM REMOVAL SOFTWARE like Tunebite, Soundtaxi, MuvAudio.
• BURN each album to an AUDIO CD using burning feature of Windows Media Player or by using burning software like Nero. Note that you can create an image of your CD instead of burning it to a real disc.
  
  Please note that many burning applications won't let you burn DRM protected WMA files even if you have valid licenses for them.
  
  If you use WMP to burn, please note that it places a mandatory two second GAP between each track so if you try to re-rip these burned copies you will have to manually search for the album before you can rip the disc again as the disc will not be recognized by the CDDB.
  
  Note Burner software burns files to a VIRTUAL DISC and rips them from it, so simplifies the process significantly.
  
• You may also try freeware LOSSLESS DRM REMOVAL SOFTWARE like FairUse4WM.
  
  It didn't work with my DRM-protected .WMA files ripped from an Audio CD due to the following error: "1.wma does not seem to have a recognizable DRM header", but it worked for other people using Windows XP.
• There is also a freeware application called unfuck.exe.
  
  It worked for many people. But it doesn't work for me saying: "Can't play the file". This error usually occurs when you don't have a valid license.