In normal mode the screen turns blue only when ntoskrnl is executing. The kernel initialises the boot drivers loaded by ntldr after examining the currentcontrolset key for the order, then loads remaining drivers and services. If there are no error codes on the bluescreen than it could be ntoskrnl.exe that has the problem. Surely if it was a driver issue then there would be a code? - the sys doesn't have an LKG to fall back to after the failure of an important driver, hence the restart. Or it could be a registry problem.. You could try replacing the kernel, other than that it is a Repair to fix the reg and/or drivers.
An installation on my sys takes about 20 mins [a very fast optical drive...]. Pity about the updates.
Just a thought... you might try a bootable memtest. Here... the dl version is free, creates a disk.
http://www.memtest86.com/