If it is just the drivers then it should work if you remove the old drivers and uninstall the audio device...then reinstall it. Doing a system reformat and reinstallation seems a bit much to me at this time.....and totally useless if it is determined that the audio device itself is shot.

What you need to do is comepletely uninstall the audio device...first determine what audio device(not the mic) it is that you have in your system. Then go to the Manufacturer's website and locate the newest drivers that are available. Download the driver to the desktop so you know exactly where they are.

go to device manager and double click the audio device to bring up the properties box. Choose to uninstall and follow the prompts to uninstall. and reboot. Upon reboot windows will find the device and when the wizard pops up direct it to the new drivers on the desktop. Once the audio drivers are reinstalled try the mic without installing the drivers it came with and see if it works ok.... (by reinstalling the audio device then it will auto reset any settings that might be a cause of the conflict with the mic drivers.)