Have you checked the board for any blown caps? With such an error its hard to pin down the cause but here is the things I have done to pin down such a problem...1.- Download "Hiren's Boot CD" on a good system and burn it. When you boot off the Hiren's CD run the CPU and memory tests, this will let you know if the CPU or RAM is fried. 2.- The next part you should look at is the power supply...is it getting really hot? is there any burnt smell?
3.- The last one you probably won't like but short of just going on Craigslist and replacing the machine (which wouldn't be a bad idea, considering the age) will probably be your cheapest bet, replace the motherboard. Due to the age of your system it would probably be better to get a new AMD APU instead of keeping your current CPU. Look at the AMD socket AM1 boards and chips, you can get a quad core socket AM1 APU for around $44 and paired with the board and 2GB of DDR3 RAM you are looking at right at $100. Compared to your system which I assume is a Pentium 4 single core it will run rings around it while using less power under load than the P4 does just sitting on the desktop. this will also give you a pretty decent upgrade in the graphics as the APUs have built in graphics chips which will be better than your on-board you have now.
Given how little info you have given us to work with I'm afraid this is the bst advice i can offer, go through steps 1 and 2 and if that don't cut it seriously think about replacing the board or even better go to Craigslist or eBay and pick up a decent Windows 7 system. If you have a lot of stuff on your previous system you can get an adapter that will let you use the old HDD as a flash drive for less than $10, simply get one of these and you can yank the old drive and transfer your photos, docs, etc onto the new system quickly and easily. Good luck.
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