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As a first test try keying F8 after first post screen - and then select SAFE MODE WITHOUT NETWORKING see if you still get the blue screen.
If that fails, go F8 again and see if you have disable restart on failure - if so select it
When you do get to the correct XP Advanced Options Boot menu, it has options on it like these:
Safe Mode with Networking
Safe Mode with Command Prompt
Enable Boot Logging
Enable VGA mode
Last Known Good Configuration (your most recent settings that worked)
Directory Services Restore Mode (Windows domain controllers only)
Disable automatic restart on system failure
Start Windows Normally
Return to OS Choices Menu
If you then get to that the blue screen will stay on and not just flash please send me the exact message on the blue screen.