It's a string of digits (xxxx-xxxx) assigned to the partition when - I
think - it's created. Not to be confused with the volume label, a
character string that should be meaningful to you, and can be changed
at any time by bringing up the partition's properties box. I don't
think that having multiple partitions with the same volid would hurt
anything, but I don't know. Microsoft has a utility that allows you to
change the volid: http://technet.microsoft.com/en-us/sysinternals/bb897436.aspx
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