It can be done. Winternals and Sysinternals both have freeware/shareware tools that will let you boot into a dead NT/XP box and manipulate the NTFS volumes. Sysinternals has tools that will allow you to use a serial connection (or TCP/IP) to move files on and off a dead NT/XP box.
Lastly, once you have the .dat file in which the registry hive is kept you can use regedt32.exe to load the entire hive into a temporary key and go registry snooping.
All this is pretty complicated, and I suggest you do some googling on the XP registry architecture, file locations, backup and restore before attempting it.
This also assume you know what data you want out of the old registry, and where to find it.