I had a similar problem a year ago. Turned out to be a bad mem stick. Couldn't you try to do a windows repair with the installation cd? Try this as it replaces essential files that might be corrupted by now with all the BSOD going on. It's a long shot, but maybe worth a try before you acctually reinstall XP?
cheers Porphy
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"The only remedy for madness is the innocence of facts."
O. Mirbeu
"A paranoid is simply someone in possession of all the facts."
W. B.
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