I ran into this on my Vaio. Even when you try all the options the screen gives you, it still keeps coming up with the same black screen and the same options. If this has happened to you, I truly feel your pain. I wanted to throw my computer out the window and burn it.
After doing research, this endless reboot loop was linked to Service Pack 2 for XP.
Ultimately, I had to format and reinstall everything. You may have to do that. If so, I found that my partition was still intact and that everything on that drive survived...so put important files there for next time (though backing up onto a CD/floppy is preferred).
The choice to update to Service Pack 2 after the format is yours, of course. I did so out of necessity. 2 months later, I got the same screen again and had to format. Again, I'm on service pack 2 on the Vaio and it hasn't happened...yet.
Go to google.com and type in 'Windows XP reboot loop'...there will be a lot more info there.