As far as I know nope you can not remove it. Yet!! :P
Once version five goes final you wont have any problem.

Will just update itself.
Plus why dont u want to use version five anyways? Just wondering.
Um btw Windows Update is downloading and installing the updated software... Another update.
PS:
If you have been invited to participate in the Windows Update V5 Preview Program, limited support via newsgroups will be available from the Windows Update V5 Preview Program web site. You will need to log into the preview program web site with the ID that was distributed to you when you received your invitation to the Windows Update V5 Preview Program.
If you are a participant in the Windows XP Service Pack 2 Beta Program, we encourage you to log any issues you find on the Windows Beta web site. While we cannot provide direct responses to your issues, they will be evaluated by our product team to plan improvements to the Windows Update site in future releases.
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