XP is a nice operating system but much of the old hardware items aren't compatible with it. First, you'll need to check the the Compaq website to see if there is a new BIOS driver update for your computer. The BIOS almost surely needs to be flashed/updated IF it's compatible at all. The BIOS update normally is installed from a floppy disk and can be done even though XP isn't fully installed.
Once at the Compaq site, IF you can download the BIOS update, check for other updates such as XP compatible video and audio drivers, ethernet drivers, modem drivers, etc.
There's no guarantee that you can make it work correctly, but if so, you'll need all those drivers.
Hope this helps.
I have an old compaq that I stop using and puted away since my new computer which was at least 3-4 years ago. Now, without ever turning it on since it was last shut down and put away, I went on ahead and attempt to formated it using window xp cd. After going threw formating and patitioning, after reboot, but before the window screen(the black screen with "window" logo on and loading bar)It got stuck on a black screen with only the "blinking virtical text typing line" I can not do anything except restarting it and face the same screen again thus continuing this endless cycle. I talk to my friend and he informed me that his Compaq have the same problem after formating.
I have no clue why its behaving the way it is and if there will be any way to fix this because I would like to get it up and running. Please help.