It looks like it is trying to load the recovery console.
There is a program called Bootvis that is supposed to help with what loads up so you can see it.
http://www.majorgeeks.com/BootVis_d664.html
and another thing to try:
go to start, run, and type in msconfig, and click OK
go to the boot.ini tab,
and click on button that says Check All Boot paths.
Here are some examples of what boot.ini should look like:
Examples of Boot.ini
A typical simple example [boot loader]
timeout=30
default=multi(0)disk(0)rdisk(0)partition(1)\WINDOWS
[operating systems]
multi(0)disk(0)rdisk(0)partition(1)\WINDOWS="Microsoft Windows XP Professional" /fastdetect
Example with Recovery Console as an option [boot loader]
timeout=30
default=multi(0)disk(0)rdisk(0)partition(1)\WINDOWS
[operating systems]
multi(0)disk(0)rdisk(0)partition(1)\WINDOWS="Microsoft Windows XP Professional" /fastdetect
C:\CMDCONS\BOOTSECT.DAT="Microsoft Windows Recovery Console" /cmdcons
Example with Safe Mode as an option and "timeout" =10 seconds [boot loader]
timeout=10
default=multi(0)disk(0)rdisk(0)partition(1)\WINDOWS
[operating systems]
multi(0)disk(0)rdisk(0)partition(1)\WINDOWS="Microsoft Windows XP Professional" /fastdetect
multi(0)disk(0)rdisk(0)partition(1)\WINDOWS="Safe Mode" /safeboot:minimal /sos /bootlog
Simple boot.ini for a Windows XP SP2 system
[boot loader]
timeout=30
default=multi(0)disk(0)rdisk(0)partition(1)\WINDOWS
[operating systems]
multi(0)disk(0)rdisk(0)partition(1)\WINDOWS="Microsoft Windows XP Professional" /fastdetect /NoExecute=OptIn