Win2K's defrag doesn't seem to work very well. I ran it several times today here on my laptop. The results:

Before doing anything it said the drive had 26% Total Fragmentation, 48% File Fragmentation
After the:

1st Run: 19%, 37%
2nd Run: 11%, 22%
3rd Run: 5%, 10%
4th Run: 4%, 8%
5th Run: 4%, 8%

It apparently has leveled off. I'm moving a bunch of crap to my desktop, deleting a bunch of junk, and then I'll run it again... see if I can get it lower. Maybe 4% fragmentation is "good" for win2k/ntfs... I don't know. :P