Maybe its contagious...
my comp starting doing exactly the same thing a couple of weeks ago. I tried everything I could think of:
reseating CPU
reseating heatsink on CPU
reseating RAM
reseating vid card
trying individual RAM sticks (i have 3)
removing all IDE connections
removing all PCI cards
re-oiling motherboard chipset fan (it had basically seized up)
I managed to get it into windows once, then the random reboots started again. It would reboot while loading windows, in the BIOS, in the Dual BIOS backup utility, before POST screen, during POST screen etc.
Personally, i think my motherboard is stuffed. Unfortunately, there is no real way for me to test it, as my friend that had a compatible motherboard etc which would have let me test the individual components has moved to the UK
luckily for me, I have an understanding wife, and a well timed holiday in Hong Kong has meant that I have been able to buy upgrade components fairly cheaply.
I would think that your problem is probably also hardware related, if the system is rebooting at the RAM check/POST screen then I would doubt that it was a windows related problem.
Also, I cannot believe that you have been sold a comp with XP on it, without been given:
a. the install disks
b. a valid license key/certificate of authenticity (little sticker with license key on the box)
I would have thought that this is illegal and would probably be of interest to microsoft. If however, you have b, then you just need a copy of XP which can be had for the price of a blank CD
There are also utilities that will tell you what license key was used to install a particular copy of windows, but that would involve actually getting the computer to boot into windows (not sure if they work in safe mode tho)
good luck mate, I hope you're able to get it sorted soon... being without a computer sucks.
cheers,
HCP