moving a blog

I currently have a web site on my own domain. It’s a traditional “static” Web site containing artwork, which is updated fairly regularly, and I want to convert it to a blog format.

My plan is to install WP into its own folder in the root directory, so that my old site will continue to run normally while I get all my WP installation/other issues ironed out, and “populate” the blog with all the graphic content and writeups that are currently shown on all the old static pages. Then, once the blog is filled with all the images and content from the old site, I want to move the blog into the root directory so that when people go to my current URL, they’ll get the blog instead of the old static site.

Is this possible? How would I go about doing this? Would any necessary links be “busted” in the process?

TIA,
mf