Interesting one.. Have you tried to boot it up in save mode? If so does it boot up to your desktop then.
Getting into the more technical side. Has this computer ever function with the current hardware in the machine. My normal steps. 1st Visualy check all cables in case and out. Look for fray's in lines Pin's Bent any IDE Ribbons that area crimped funny or stretched. Next in line for visual. Remove any cards in slots including any slot installed Video Card. (Since the board has a Onboard Video. Everything But The Hard drive to boot from. Disconnect all CD Rom's including the power. Remove the cables from the board other then the drive,try to boot the machine. Next, Make sure you don't see any Cap's (Looks like little barrels on the board) Bulging out on the top of them maby even a little bit of Rust like film on the top of them. This is something that is missed by a lot of tech's till the discust part of replaceing the board then realize that it couldn't have been realized in the beguinning. Also make sure the board is dust free when doing this.
Next I would try a fresh reinstall of windows XP. **replug in your cd-rom at this time** When i mean fresh. I mean Boot up with a Windows 95/98 diskette and Fdisk the drive remove the partition. Restart the install of Windows XP. The install will ask you about how to format the drive. Always choose NTFS (Not the quick format)
Still problems when booting up. Restart the computer Go into the Cmos setup, Disable any sort of Cacheing (Video, Bios, etc) Also while in here disable your built in Audio, Modem, and LAN if your board has it. save and restart once again. If no luck. I would try different memory Slot. Then a different Hard drive.
I don't see a monitor problem in this situation. I feal that there is a Blue screen of death that's not being seen here. Check it out. Let me know. There is always more to try.
Good Luck.