Before formatting, you might try booting into rescue mode from the XP installation CD. Let it try to locate and repair your installation.
Did anything bad or unusual happen to the computer just prior to it refusing to boot?
DMR
Wombat At Large
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Definitely... I'd grab some type of disk checking utility, too. Your hard drive might be trying to tell you it's not happy... ;)
alc6379
Cookie... That's it
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