Computer crashes randomly - no entry in Event Viewer

Computer starts up fine, but crashes randomly. Sometimes, when it's just the office with AVG running, other times sound when Remote Desktop on the server MYOB or using IE or Chrome or Outlook etc.
Checked event viewer, nothing is there that refers to a form any error. Makes me think that it is a hardware failure.
Our building had a power outage over the weekend and when we came back on Monday all computers had been transformed and displays the 'Boot normally, etc. safe mode"because they had lost power while remaining on.
All except a computer seemed to recover properly. I have since replaced the power supply with a spare part and ran fine without freezing for almost an hour under duress (50 to 100% most of the time) with flash player in Chrome, IE and Outlook running, Windows Media player runs a long video SD and a few other somewhat cpu intensive programs.

I have an Asus P5Q - VM with an Intel Pentium E5200 and 2 x 1 GB DDR2 - 800 MHz.
A Seagate 250 GB HDD and a bootable CD/DVD drive.
I replaced the power supply and it would freeze again. Then, I replaced the motherboard and I have yet to install it correctly but it's already freezing. I ran Memtest86 and it passed.
I'm now beginning to think, it's the RAM (will do much more repetitive memory tests) or the CPU. But the CPU seems to act right, change of voltage as it changes frequency to save energy.

This is XP SP3, and yes I have a real Installation CD.
I also installed Windows 7 to find it still hangs, so I eliminated the software.

Tags: Windows

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