Hi,
Yes you should be able to save to a separate disc or external drive from safe mode, but first I would suggest rebooting into "Safe mode with networking" and going to http://housecall.trendmicro.com/ and running a system virus scan.
You wouldn't want to risk transferring the virus to external memory because even if you reformat, it could come back once you plug it into the fresh O.S.
Regards,
Asten