Did you try deleting the Page file?
Boot off your spare hard disk, then look at the old hard disk and delete the "pagefile.sys"
I recall starting Malwarebytes Anti-Malware and going to "More Tools" and running "File Assassin" to delete that file...
Whoops, I got ahead of myself. I'll start back at the beginning.
I had the exact same problem as defgimp. And I of thinking it was a virus or a bad download/update by Avast?
So I hooked up a spare HDD (2nd drive) w/fresh Install of WinXP Pro SP3.
And I scanned the heck out of the 1st drive. Except for a few spyware cookies nothing was found.
But one of the scanners was
Suspicious there could be a "Win32:Zlob-RF [Trj]" in the "pagefile.sys"
So I deleted that file, finding nothing else after a week, I un-hooked the spare HDD and booted the old HDD into safe mode. Sorry, I didn't try normal mode, I didn't really care to tinker much more...
So in safe mode I uninstalled Avast, and Malwarebytes, and an Ancient version of SUPERAntiSpyware.
(SUPERAntiSpyware only updates itself if you buy it... so I'm no longer using that product, seems unsafe somehow.)
Anywho, I rebooted into safe mode again, reinstalled Avast, then manually updated it. After that I installed Malwarebytes, then manually updated it. Rebooted and I was back at my old desktop. I had Avast boot scan, then scan everything on the highest (which is also the slowest) possible settings, then Malwarebytes, then spybot, etc.
Nothing was found inside that copy of Windows so... I'm using it again today.
A long winded solution, but that's what solved my freeze up for the same problem defgimp described.
Hopefully it works for you defgimp.
Best of luck!