Registry Recovery in Windows 2K/XP
INTRODUCTION
If you’re reading this, you’ve probably just encountered one of the following errors:- Windows could not start because the following file is missing or corrupt: \WINDOWS\SYSTEM32\CONFIG\SYSTEM
- Windows could not start because the following file is missing or corrupt: \WINDOWS\SYSTEM32\CONFIG\SYSTEMced
- Windows could not start because the following file is missing or corrupt: \WINDOWS\SYSTEM32\CONFIG\SOFTWARE
- Stop: c0000218 {Registry File Failure} The registry cannot load the hive (file): \SystemRoot\System32\Config\SOFTWARE or its log or alternate
These errors occur as a result of files in the Registry Hive being corrupted or are missing. The two files are SOFTWARE and SYSTEM under C:\WINDOWS\System32\config\. Sometimes registry corruption can happen seemingly without reason but is usually caused by the registry being too big, software glitches (apps, drivers, viruses, etc) or hardware faults (eg. RAM and Hard Drives). Hopefully you’ve already got a good backup scheme to protect your valuable data 
In Windows XP at least, there is a significant chance of being able to recover your system without having to completely reinstall Windows. If you use Windows XP’s System Restore, you’re in with a good chance.
Windows 2000 doesn't have System Restore, however, MS have released a Windows 2000 Registry Repair Utility which is certainly worth a shot, however if it doesn't work, a reinstall of Windows is probably quicker.
XP users might like to read this MS KB Article.
2K users might like to read this MS KB Article.