I'd run a diagnostic on the hard drive (extended test) and the RAM.http://www.seagate.com/ww/v/index.jsp?loca...000dd04090aRCRD
Personally, I would use the SeaTools for Dos utility, not the one for Windows. I have confidence in the one (because I've used it over the years) but not in the other.
Since those qualify as "hardware" mentioned in the BSOD...one or both could be having problems.
When trying to install Windows...I find it best to only have two drives properly connected to the system:
a. The optical drive to be used to read/install from the XP CD.
b. The hard drive on which I intend to install XP.
If there are any existing partitions on that drive...I delete them as Step One.
I suggest running the hard drive now, I'll give you the link/data on the memory diagnostic after the hard drive results are known.