1) Disable onboard RAID. That should be the Promise controller, but if the FastTrak is coming up, then it's not disabled. Also, the report of no BIOS means there's no drives attached to the RAID controller, which is accurate.
2) Do you have the CD set in the boot priority before the hard drive? And when you boot to the XP CD, are you pressing the @*#$(&@#!! key it makes you press to boot from the CD?