If you can find driver of all device for xp, then yes. But it is stupid to do so. Lack of DX10/11, only Pro version is 64bit, not as optimised as W7 for threaded application and lack of GPT support, is just some of the drawback of the ever aging Widnow XP OS. Get used to W7 because W8 will be an even bigger change.
Have to ask what is it you hate about Windows 7? Downgrading to XP would be ill advised for one you have 4gig ram which means 64bit. The problem is most hardware today will not have drivers for Windows XP 64bit so you not find any for your system.