I had a similar problem when I upgraded my graphics card to a HIS 2600 XT agp.
It turned out to be driver conflicts with an old sound card I had. I worked this out by the fact that on my XP x64 partition it ran perfectly, lol the sound card didn't have any x64 drivers, but kept crashing on my standard XP partition.
It may also be caused by other conflicts
http://www.techspot.com/vb/topic40683.html
Good luck with the fresh install