Personal Geodatabases are Microsoft Access databases that can store, query, and manage both spatial and nonspatial data. See here. You should have no problem accessing a Microsoft Access MDB using ArcGIS 10.0.
You won't have to do any additional steps to convert you MDB to a PGD. For example, if I create a MDB in Access I can immediately begin to use this with ArcGIS. I can import/export feature classes, create tables, etc. with the database.