"Bad image" errors can mean any of several different things. The file mentioned could be damaged...or something else may make the file incapable of being read by Windows. There is also the possibility of malware.
Msmsgs.exe, if legit, refers to Windows Messenger.
The first thing that I would do...is see if you have this running (it's a Windows component, available via Add/Remove Programs). I would disable it, it's usually one of the first things I disable on a clean install.
If you use Windows Messenger and the file is damaged...then you can reinstall it, again using Add/Remove Programs...after running the chkdsk /r command on the Windows partition.
To run chkdsk /r...Start/Run...type chkdsk /r and hit Enter. Type Y in new screen and hit Enter. Reboot system, the chkdsk /r will run...will boot into XP when command is complete.