About a month a go I spent almost an entire week trying to figure out how to build the boost libraries for vs2005 and today I updated to vs2010.
Do I need to remove boost for vs 2005(I uninstalled vs2005) and go through the build process for 2010 or will it magically work and I can go take a nap?
You need to rebuild Boost for the new version of Visual C++.
I don't believe anyone has released a binary distribution for Visual C++ 2010 yet. The BoostPro site would be the best place to get a binary distribution, and they don't have them yet.
It shouldn't be too difficult to build Boost if you follow the instructions in the Boost Getting Started Guide.
Whether or not you take a nap is up to you. If you build Boost from source, you may as well take one since the build is rather lengthy.