I would try reinstalling all the major component drivers, like the chipset drivers and the videocard drivers. I'd also unplug any peripherals such as printers, etc, and see if that makes a difference. If a printer or other peripheral is fried, XP may be trying to reinstall or something on each boot. The point is to replace/update what you can, and isolate the problem, if it's hardware related
A modem once did this to me -- a physical removal caused the machine to perform as normal again (and I tossed the modem)
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