Yes - use Windows XP Pro x64 SP2 or XP Pro x86 SP3, thats what I use and it works great on new systems as well (have seen a few laptops and PC's converted from 7 to XP functioning perfectly) You can still find drivers for 99% of components used in PC's / laptops today for XP. I downgraded my acer 7740G from 7 to XP Pro x64 SP2 and also works perfectly. You should obviously as a first step determine what components are inside your system as well as what equipment that is connected to your PC / laptop that also require drivers and try to download the correct drivers and make a backup of your data that is important to you.
Another consideration is: does your new system have an option in the "BIOS" to use IDE as XP does not have AHCI drivers allowing it to correctly detect and install on systems with the new hard drive controllers.
If your system does not have an option to change to IDE mode, do not dispair for there is an EXCELLENT utility named "NLite" allowing you to integrate the AHCI drivers into the XP source and burning it to a CD / DVD allowing XP to install on newer systems. You need to determine what hard drive controller your system contains and download the appropriate driver for either XP 64 bit or 32 bit depending on which you plan to install.
Lastly, on systems with UEFI BIOS it might not be possible to install XP, so first determine if your system have a UEFI BIOS. I have never attempted to install XP on a system with UEFI BIOS and so cannot say for certain you will be able to install XP on a system with an UEFI BIOS.
It will also be necessary to convert a GPT partition to MBR format to install windows XP. Avery good utility to use for partitioning purposes is Paragon Partition Manager 10.
There are also excellent free visual styles available for download that can be integrated with NLite to enhance the look of Windows XP and improve the user experience.
NLite may be downloaded and used free from
http://www.nliteos.com/download.html
Free visual styles for both XP 32 and 64 bit available here:
32 bit
http://www.mediafire.com/?09n8vo77986ncz7
64 bit
http://www.mediafire.com/?t6rr1rqsvts8641