which rig, the family or your Mogy rig? You are overclocking the Mogy, from your profile. Tried without OC'ing? Is DMA enabled on these drives? Try unchecking that on the drive controllers. Or, conversely, maybe DMA is not enabled and should be. You'll find the settings for that under IDE/ATAPI Controllers section of Device Manager, in the Advanced section/tabs of the Primary and Secondary Controllers.
See what they are set for. Mine are set for "DMA if Available", and run in DMA mode, although each drive uses a different DMA mode (CDRW and DVD on one controller). So, whatever they are set for, try the reverse.
Have you tried making the current Slave Drive the Master Drive and vice versa? Might be picky about what they want to be.
Sounds weird, but you might want to disable your soundcard in Device Manager temporarily and try the DVD or CD...see if it's an audio issue.
I'd suggest Video Driver updates, too, but you said it happens with either CD or DVD. What program is your default for playing back DVD's and/or CD's? Windows Media Player? Upgrade that yet?
Check your Event Viewer in XP to see if there's any obvious errors logged when the cd/dvd crashes. Start/Programs/Administrative Tools/Event Viewer. Look in both System and Application logs.
There's a setting in XP where you can turn off auto-restart after a crash. Hopefully, it would stop your reboot and give you more of an indication of what's going on.
Open up the System Properties applet. Several ways to do it, but for now, just RIGHT-CLICK on My Computer, and left-click Properties. Once the SP applet comes up, click on Advanced. Then, click on the settings tab next to Startup and Recovery. Uncheck "Automatically Restart".
Some things to keep ya busy for a bit.