That blue screen seems to happen, for you, at a critical time during boot up. At that particular time, hard drives and ram are a very crucial part; they are being read and are being used extensively to load programs and creating a page-file. I suspect why you are getting blue screen that you are running into a bad sector on your hard drive, while booting, or, that you have some bad ram in your computer.
A possible solution would be to use a new hard drive with nothing but basic DOS format on it, or even installing a new windows version ON that new hard drive. I can pretty much be sure that you will no longer get that blue screen when you boot up.
Another method id to remove all ram except one, and try booting it up with just one chip. IF you still get the blue screen, then turn the computer off, and replace that one leftover chip with the next one, and try booting up that way, if you do not get the blue-screen, then you can be sure you had a bad ram chip in it, and once you replace that bad chip, your problems will be over.