it wouldn't hurt to run memtest for a few hours, just to check that possibility. Have you tried uninstalling the latest Windows updates?
Reinstalling XP isn't so bad as long as you have your docs, music and pics on the other drive, and save your OE.dbx's and address book or Outlook files to a stick and can find the applications installer disks. I do it all the time for other folk. However, if the problem IS a device driver and you put it on again, chances are you will be no further forward.
What about using the driver verifier tool - that might give you a clue...
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