I had the exact same problem on two new systems recently. (System 1: G41 M/board, E7400 CPU, 2x 2Gb DIMMs, GeForce 9600GT PCIE, 500Gb HDD. System 2: P45 M/board, Q9550 CPU, 4x 2Gb DIMMs, GeForce GTS250 PCIE, 500Gb HDD).
First time startup and HDD partitioning and format was without any problems. Then came the first XP install screen (where it tels you that there is about 37min left to install). The installation then stops and that hiddious "BLUE" error screen pops up - the PC is frozen and you need to restart.
I also tried and tested by means of elimination, removing each component one by one (as the Error Message suggested). But there was nothing wrong with any of the components (DIMMs, PCIE graphics, etc.). I even went so far as to Disable most BOIS features. Nothing worked. I then tried a different copy of Windows XP and "bob's your uncle", problem solved.
So it cost me buying a different copy of Windows XP, quick format on the HDD and reinstalling the new OS. Changing the OS installation CD solved my problem, but I dont know for sure if this will work for you as you have tried different OS. Just thought I'd mention it.
Hope this helps.
As you have not included the BSOD, it is a bit difficult to troubleshoot.
Follow the instructions on this website, it may help to eliminate the errors
Check this, may be it can help you.