Italy currently top Group C with 16 points from six matches and are a comfortable five-points ahead of Slovenia with one game in hand.
The Faroe Islands, on the other hand, are bottom of the group with just four points, but Buffon is aware of the dangers of underestimating their opponents.
"Italy have everything to lose," Buffon told reporters at a press conference.
"Qualification is near, but we need to show we are taking steps forward while on the road.
"It is up to us to make life easy or hard."
Italy made things hard for themselves the last time the two sides met in June 2007. Buffon conceded a goal for the Italians but they still managed to grind out a 2-1 win.
"The goal of carpenter [Rogvi] Jacobsen? I have not forgotten about it, of course. But other goalkeepers have come here and conceded two goals.
"I also remember a great save I made at the end of the match which gave us three precious points.
"On Friday I will work for the 1-0 win, rather than the 2-1 victory."
Italy play away at the Faroe Islands on Friday before hosting Slovenia five days later in Florence.
Italy squad: Gianluigi Buffon (Juventus), Morgan De Sanctis (Napoli), Salvatore Sirigu (Paris Saint Germain); Davide Astori (Cagliari), Federico Balzaretti (Palermo), Leonardo Bonucci (Juventus), Mattia Cassani (Fiorentina), Giorgio Chiellini (Juventus), Domenico Criscito (Zenit St Petersburg), Christian Maggio (Napoli), Andrea Ranocchia (Inter); Alberto Aquilani (AC Milan), Daniele De Rossi (Roma), Claudio Marchisio (Juventus), Riccardo Montolivo (Fiorentina), Thiago Motta (Inter), Antonio Nocerino (Palermo), Andrea Pirlo (Juventus); Mario Balotelli (Manchester City), Antonio Cassano (Milan), Alberto Gilardino (Fiorentina), Sebastian Giovinco (Parma), Giampaolo Pazzini (Inter), Giuseppe Rossi (Villarreal).