Well, it sounds like we've got multiple issues. Issue #1 is the sound card - when you disable it, you don't get BSOD's anymore, but (issue #2) now your machine freezes. To troubleshoot that, you can try using MSCONFIG to disable all non-Microsoft services and all startup programs, and then see if the issue comes back. If it does not, then enable services bit by bit until the issue comes back, and you've found your culprit. If I can elaborate, let me know.
Another method to t-shoot is to do a parallel install to another drive partition or directory (whether on C: or elsewhere) and see if the issue shows up in that installation. Don't install any drivers unless absolutely necessary (ie install Intel's chipset drivers, and try not to install any other drivers, if you can avoid it) If it does freeze then, it's more likely that it is hardware.
See previous comment on power supply comments.
Please normally clock (ie don't overclock) the processor so we can eliminate that as a culprit.