Try using the Dell restore disks that came with the machine.
See if there is an option to repair Windows. If there is not, then it's your choice 
to continue.
The restore disks will wipe out everything and reinstall XP to "as new" condition. 
If there is any files you need, it will be gone.
Should you get a BSOD during the use of the restore disks, then you have a hardware 
problem.
The first thing to try is to download this:
http://www.memtest.org/
Download the iso image, burn it to CD, and boot the PC to it. This program will test 
the system memory for errors. If your PC has multiple memory chips, test each one 
individually.
Test each one for 15 minutes. If it finds one that errors, remove it, install the 
others, and see if you get a successful boot.
If all the memory passes, then it's time to move on to the other hardware.
There are some hard drive diagnostic tools out there that you can try, or you can 
send it to a reputable repair shop.
The choice is yours.

Good luck!

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