http://support.microsoft.com/default.aspx?scid=kb;EN-US;Q308041
Resources for Troubleshooting Startup Problems in Windows XP
http://support.microsoft.com/default.aspx?scid=kb;EN-US;q317277
You Receive a "System Has Recovered from a Serious Error" Message After
Every Restart
Event ID: 1003
Windows XP issues 'The System Has Recovered from a Serious Problem' at start
up?
This problem is generally the result of a corrupted System Restore feature.
To fix the problem:
1. Control Panel / System.
2. Select the System Restore tab.
3. Check the Turn off System Restore box.
4. Press OK and press Yes to confirm.
5. Shutdown and restart Windows XP.
NOTE: You may still receive The system has recovered from a serious problem
message.
6. Control Panel / System.
7. Select the System Restore tab.
8. Uncheck the Turn off System Restore box.
9. Press OK.
10. Shutdown and restart Windows XP.
Also you can solve this problem by recreating the pagefile. To recreate the
pagefile, follow these steps:
1. Click Start.
2. Right-click My Computer.
3. Click Properties.
4. On the Advanced tab, in the Performance section, click Settings.
5. In the Virtual Memory section, click Change.
6. For Paging file size for selected drive, click No Paging File and then
click Set.
7. Click Yes after the following warning appears:
Note: If the paging file on volume X: has an initial size of less than xx
megabytes, then the system may not be able to create a debugging information
file if a STOP error occurs. Continue anyway?
(X is the drive letter and xx is the amount of RAM installed on your
computer minus 1 megabyte.)
8. Click System Managed Size.
9. Click OK four times, and then restart the computer when you are prompted.
An alternative method:
http://support.microsoft.com/default.aspx?scid=kb;EN-US;255205
How to Delete the Pagefile.sys File in Recovery Console
