I have a computer with Windows 2000 and Red Hat Linux installed. If I wiped the Windows installation and then reinstalled it, would this have any effect on the Linux installation? Specifiaclly would this effect my ability select which OS to boot into when I turn on my computer?

Yes, it will overwrite your bootloader in the MBR.

But it is usually pretty easy to restore your bootloader. You just have to boot with your rescue CD or make a bootdisk. Then you should be able to just reinstall grub or lilo from the command prompt.

Also make sure you're very careful about how you tell Windows to use drive space during the install: it sometimes likes to take the WHOLE hard drive.

If I were you, I'd copy the bootloader's (grub/lilo/something) configuration before reinstalling Windows. That way, after the Windows has been reinstalled, you've wiped out your Linux bootloader, reinstalled Linux bootloader and are possibly wondering why something is missing from it (Windows not autodetected, can't remember how it was configured there..) you can simply replace the automatically created config file with the one you had working before. If the partitioning has not changed (i.e. Windows is still using the same partitions as it used to, and so is Linux), then you should be fine just replacing the config, avoiding doing anything "by hand".

EDIT: Matir, I wish I had heard that some years ago on the other hand, failing is the ultimate way of understanding and learning..

If i were in your place i would have reindtalled the linux image so that it shows me both windows and linux options.Below are some of the steps:
1)Put linux 1st Cd and at the prompt typr
#rescue linux
2)Then, see the path of your linux pratition and give the below command
#chroot /mnt/sysimage
#grub-install /dev/hda
#exit
#exit
3)It will reboot your machine and then it should show the both linux and windows options

If i were in your place i would have re installed the linux image so that it shows me both windows and linux options.Below are some of the steps:
1)Put linux 1st Cd and at the prompt type
#rescue linux
2)Then, see the path of your linux pratition and give the below command
#chroot /mnt/sysimage
#grub-install /dev/hda
#exit
#exit
3)It will reboot your machine and then it should show the both linux and windows options