It sounds like you don't have a windows XP disk, so this might be a bit tough to do on your own... but here's essentially the steps:
http://www.analogduck.com/main/node/294
(sounds oddly familiar to the problem I was having -- I didn't end up loosing anything, or end up having to reinstall any software)
simply doing a search on google for 'ntoskrnl.exe' will give you a glimpse at how many people share this issue. Personally I blame Microsoft for selling a junk product, but on the other hand, some of that blame falls on the end user for not keeping the system in optimal running condition (which means, hard drive and registry defrags and checks on a daily, or at least weekly basis) The majority of windows users have probably never run a disk defrag, fewer still a registry defrag...
Granted, it would be a wonderful thing if we didn't have to, if it were built in and 'just happened' in the background, as it more or less does with Linux (occasionally one will walk by a linux server to hear the drives cranking away for no apparent reason.. it's "reindexing" the files and such, kind of like a defrag, but not quite -- seems to happen once per day, typically on off hours)
Anyway, so you know.. this is a common issue many windows users suffer from at one point or another, from the quick look at a few of the articles I read it looks like there's a largish majority of the support world having no clue, "Compaq said this is a hardware issue and I need to send it in for repair" etc.
It can be fixed with a standard windows XP install disk. Not the crap recovery disks that emachines provides, but a real windows install disk, a bootable one. alternatively, as you haven't got one of those...
if you have a floppy drive, you could download this and make a boot disk:
http://1gighost.net/fantasy/xpquick.exe
which might help...
borrow an XP disk from a friend, then boot to the recovery console, and follow the steps as laid out in that first link I posted.
Primarily what you want to do is 'chkdsk /r' (which runs the "check disk" program with the "repair errors" switch turned on) that will take an awful long time most likely, but will probably fix the problem. Additionally it wouldn't hurt to then do 'fixboot' which will rewrite the file that stores the boot info, and/or 'fixmbr' which rewrites the master boot record, though it's recommended to try without fixmbr first.
Personally, I would recommend that you do the following.
Get yourself an external drive large enough to hold your backup files. All the video files, the timeline info, etc -- not the installed programs, but the data from those programs, the programs could always be reinstalled.
Download a good boot/repair tool.. I think most people are probably using
knoppix these days.
Then you attach your usb drive, boot from cd with the tool I mentioned above, and copy the files you want to save over to the new drive, then wipe the old drive, and start anew.
This method is a bit tedious, and honestly, a pain in the ass, but it can also prove to be a longer term fix, whereas fixing the problems with with windows boot disk through the 'recovery console' are more like a bandaid. In some cases a bandaid applied to a wound that would be better off getting stitches.
Keep in mind too, that while it is a common problem, it can also be indicative of a drive that is failing physically, so my second method would probably be the ideal. Alternative to that would be what Steve had said. Get a new drive (if you're on a laptop this could be more of a pain..) remove the old drive, and install the new one in its place. Reinstall windows on the new drive. Then attach the old drive with an external exclosure (or with a desktop it could be configured at a secondard drive and put back inside), and copy your relevant data over to it's corresponding places on the new drive. After that you can wipe the old drive and use it for backup, or additional storage, whatever -- but again, keep in mind it is
possible that this old drive is failing physically.