WinXP fails to get past initial Windows screen when booting

Stable Win XP system now fails to get past initial Windows screen when booting, If you press PF5 when booting can go to safe mode with or without networking but can't access printer from this mode.
If you do go to safe mode and run the SP2 update file (which is already applied to the system) the system will install it and reboot for ONE TIME successfully. All functions seem normal, Upon shutdown and reboot the system starts OK but hangs at the point where there is a Windows screen and a sliding horizontal bar at the bottom but it never turns on the audio or goes any further than this screen, This system has run without problems for years,
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