ntfs.sys corrupted

I have a computer that has Windows XP Professional installed with SP2. It was running perfectly until just a few days ago. The owner of the computer told me that it just suddenly flashed a blue screen (BSoD) then rebooted, and continues to flash a BSoD and reboot. It does this even when attempting to go into safe mode. Booting using the option to use Last known good configuration doesn’t cure it either. The BSoD error message includes NTFS.sys corrupted. How can this happen and how can it be cured? I have tried 5 different hard drives in that computer in an attempt to install Windows again, but it won’t take any O/S other than Win98 so far. Same error message, ntfs.sys. Even after a low level format.