Upgrading motherboard and CPU. Can I keep the hard drive with the OS And everything in it or do i have to wipe it when i boot it up with the new parts?
Upgrading motherboard and CPU means you will have to get a new license of Windows OS. The is per Microsoft's terms of service. This is a good time to consider a new HDD or an SSD. Newer HDDs are more efficient and faster than older models.
Mine isn't old though so I guess I have to wipe it?
Yes, if it is a newer HDD, then format it and then run HDTune and/or CrystalDiskInfo to check for health. Pay particular attention to re-allocated sectors count raw value; the raw value should be zero.