My guess is that this is due to:
1. Failing memory stick (very likely). There are many utilities out there to check this. However, a quick-and-dirty way to do so is by enabling the "long" memory test in BIOS. It's been a while since I've fooled with Compaq, so I don't know their specific nomenclature. The option may be worded as "enhanced memory test" or "quick boot" (disable if phrased in this manner). Change this option as necessary, save and reboot. If you see anything like "Memory Size Error" or some ROM code, then it's time to look at another memory stick.
2. Video card is failing (very likely). Click on Start and choose Run. Type DXDIAG in the Open dialog. Click on the Display tab and run the available tests for your video card (DirectDraw and Direct3D). Assure that acceleration is enabled for all available render modes.
3. A newly installed driver or process (likely). Enable boot logging if you wish. However, my preference is to use the System Configuration Utility. To do so, click on the Start button and choose Run. Type MSCONFIG in the Open dialog and hit enter. Take a look at the items in the Services tab and the Startup tab. There are ways to get these listings in text form, but if you just want to take several printscreen shots (and save them in MSPAINT or something). I'll be glad to take a look at those items if you want to email me the BMPs.
4. Other BIOS setting (somewhat likely). Play with the cache and hard disc write-back options. If that sounds too scary, you can always choose to load the "Factory default" BIOS settings or the "Optimized default" settings. Save and reboot.
Final note: If you want to try the previous suggestion of using a boot disk (Knoppix could be useful here as well), simply go to
www.bootdisk.com . There you will find the utilities necessary to create a floppy, CD or DVD with the boot image of your choice.