I'd still try a reinstall to a different (new) hard drive.
If that reboots instantaneously then its likely a hard ware problem.
If you have two sticks of ram its likely that you can boot with just one present, you could try each of them independently to see if one of them is bad.
The other thing to try is disconnect / remove everything except the hard drive, video card, monitor, keyboard and power connector (remove DVD / CD, all usb, ethernet, modem, etc) and try to boot that way. This at least eliminate the superfluous hardware from the suspect list.
Once you've checked the RAM, and removed the other devices, then you'll pretty much know its the motherboard, cpu, power supply or possibly the IDE (SATA) cable (not bloody likely).
I can't say for sure that you've eliminated the hard drive as the source of failure because the OS in the other drive wasn't specifically for the system you are testing. There's a possibility that it could reboot because Windows saw the difference in the hardware and panicked.
If it comes down to a motherboard issue (cause its not likely a CPU problem, silicon usually doesn't go bad unless its been stressed with high voltage, static electricity, foreign liquids, or heat) then you'll have to consider trying another mother board. That is a lot of work, especially for someone who doesn't build systems as a way of life.
There was a suggestion earlier to try and boot the windows CD. You should do that. If it boots then the implication is that the problem is the hard drive.
So, to summarize:
1) Boot the Windows CD. If it boots and runs, chances are you need a new hard drive (be prepared to call your data a loss).
2) If the windows CD doesn't work, try playing with the ram to see if it will boot with one stick or the other. Or if you have other memory around to test, try that out.
3) Failing those two things, you may want to consider a new motherboard...
Let us know how it goes.
Raydude