Now the machine is rebooting itself non stop as the error message comes up after starting windows, the utility page has the choices of starting in safe mode etc. on it. But having chosen every optin on it by now, it still goes back to the error message(see above) and satrts all over again, in a constant loop. No I do not have the cd that came with the system

First: Are you able to enter the BIOS setup?

When the first screen appears, press the F1 key on the keyboard to enter the HP BIOS Setup menu.

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Another thing to try is unplug the computer for at least 10 minutes & retry to enter via F10.

Also are you familiar with opening the PC? Perhaps clearing the CMOS via the battery might reset settings.

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My only other ideas are try to enter the Recovery Console via the 6 Floppy setup:

How to access the Recovery Console:

Windows XP Home Edition Utility: Setup Disks for Floppy Boot Instal

Windows XP Professional Utility: Setup Disks for Floppy Boot Instal

Or obtaining a Restore CD from Compaq:

HP and Compaq Desktop PCs - Obtaining a Recovery CD or DVD set