Well guys, I finally got it running and am now posting from the laptop. Heres the story.
A couple weeks ago I brought this and a couple other computers to a computer shop here in town, two were laptops, one was a desktop. The desktop he fixed, and he said the other laptop (IBM) was shot, and this one needed a new mobo. I parted out the IBM and proceeded to have a look at this one. I swapped the hard drives from this one into the IBM and vice versa. It shut down at 27% while formatting, so I started picking it apart to get the CPU socket type for a new mobo. Once I got to the CPU heatsink, there was a nice thick carpet consisting of eight years of dust plugging up the fins. After i pulled that out, I noticed the thermal compound was dry and old. after cleaning up the heatsink and CPU I put on some Artic Silver and reassembled it.
During this process, I found the GPU heatsink was crooked. On further inspection, I noticed the bolt type thing that held the sink to the board was snapped off. A little super glue later and it was attached normally again. I'm guessing this or the CPU was overheating and throwing the computer into thermal protect, therefore shutting it down randomly.
After this I reformatted and installed XP with no issues, and I also threw in a stick of ram from the IBM bumping it up to 448 MB from 256. Running better than ever now, quiet and cool. I don't know what dell was thinking putting the cooling fan on the bottom of this computer, so it is almost always blocked by something.