That is an NTFS error (your file system). What this most likely means is that your hard drive has a bad block, or some data is corrupted. Here are some possible fixes:
1.) Try booting in safe mode with command prompt. (by pressing f8 as you did before and selecting safe mode).
2.) If it works, try re-starting and booting normally, see if you still have problems.
3.) if Yes, get a windows xp cd (or vista, whichever you have).
4.) Place this in the cd-rom drive and attempt to boot from CD. (it will say press any key to boot from cd). If you start to see the windows loading screen before you see this option, you either missed it, or it's booting from your hard drive first.
a.) If you missed it, DO NOT power off the machine. Let it blue screen (you may introduce further problems by powering off the machine while windows is loading).
a.1) After you restart the computer and you're sure not seeing the press any key to boot from cd option, then you'll have to configure your computer to load the cd first.
a.2) to do this, right when the computer is powering up, it will say something like: "press <del> to enter setup" or sometimes it's F10, or something else (F2), all motherboards are different, so you'll have to see which works for you.
a.3) Once you do this, you'll be in your bios setup. Somewhere in here (I would tell you exactly where it is, but again all bios versions are different) there should be something along the lines of "boot-order" or "change boot sequence". You may have to dig to find it. Once you do, move the cd-rom to the first boot device and the hard drive to the second.
a.4) After you do this, make sure you save your changes and exit.
a.5) After the machine re-starts, now you should get the press any key to boot from cd option.
5.) Finally, let it go through the process of loading files.
6.) Once it's done, you'll have to accept the license agreement (in xp), then as you mosey through this part of it, there should be a load recovery console option.
7.) Pick this option and when it comes up, type the following command in: chkdsk /f /r
8.) That will run a check disk on your hard drive and will (hopefully) repair any of the errors that exist.
Let us know the results of that and we'll go from there.
Here are some articles to help clarify anything that I didn't mention.
Your Blue Screen Error
Recovery Console Process
Hope this helps!