just asked because sometimes when windows is loading and you have an unstable system things like this happen...sounds like you just need to reinstall windows...boot from the windows cd and reinstall windows.
Some files are modified for your configuration, others are left in tact. I have a feeling that this .exe was left in tact. If that's the case, you can copy it from another computer onto removable media and transfer it to the new location. Unfortunately you probably used NTFS format and won't be able to do it from a dos bootdisk. But there are other ways to do it, such as using Windows PE to boot.
Of course, you could simply do a repair install. When you boot off an XP CD, choose the repair option from the SECOND screen that offers it (the first one takes you to console mode).
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Problem is that it is a rather large exe file - at 1.94 megs, it probably wont fit on a standard floppy. If you used fat 32 and have an old boot disk from win98/me you could burn it to a cd. If you need help with the dos, just ask.
NTOSKRNL.exe is one of the NT Kernel files that is the core of the OS. It is the first thing that attempts to load (Safe Mode or no). I had this happen in serveral instances. 1 was overclocking the PCI bus too far (your not doing that). 2 My 40GB IBM Deathstar finally died. 3 I had just crashed out a windows update and that coruppted my install. In any case the answer is to either use repair console to reload that file (and hope that there are no others that have problems) or to just to a re-install (no need to format, just re-install).
Did it start doing this after an update or did you install WinXP over another OS? Either way you need to either use the repair console, which I doubt it would fix this, so I would strongly suggest low level format and reinstall os.
If the problem persists afterwards, Id be looking at either the ram, mobo, or hard drive.