That's one of the most FAQ here! The official word from MS is in this KB
article:
Error Message: Windows Could Not Start Because the Following File Is Missing
or Corrupt: \Winnt\System32\Config\Systemced http://support.microsoft.com/?kbid=269075
MS never bothers to explain that the final "ced" in the message is spurious.
It's just what's left of the prior message on the screen that the current
error message does not overwrite.