To access Safe Mode, you have to press F8 as soon as you see booting into windows XP text. This can sometimes be quite tricky, especially on very fast systems.
You can press F8 during the entire boot sequence and if you have a dual boot system, select the OS, press Enter and F8 at the same time to enter Safe Mode.
Using MSCONFIG to Access SAFE MODE
1. From Start> Run Type: msconfig
2. Choose the Boot.ini tab
3. From Boot Option
4. Select /SAFEBOOT by placing a check in the box.
5. Press Apply
6. Press OK
7. Select Restart
8. System will boot into Safe Mode
9. BEFORE rebooting from Safe mode repeat steps 1 thru 7 and uncheck the box selecting /SAFEBOOT
10. Press Apply
11. Press OK
12. Select Restart
13. You will get a message that your are in Troubleshooting Mode, place a check in the "do not show this again" box; press OK
14. From Start> Run; once again Type: msconfig
15. From the General Tab
16. Select Normal Startup
17. Press Apply
18. Press OK
19. This will restore normal boot