I have exactly the same problem and am also running XP SP 2. In addition, I've had the same problem with my old motherboard (ASRock 775-DUAL VSTA) and my new motherboard running on a clean XP install with a new video card.
I've tried changing my tcp/ip half-open limit to 50 but that hasn't changed anything.
Interestingly, I've noticed that although my computer becomes completely unresponsive, there is some hard drive activity while the computer is frozen.
Any help would be greatly appreciated.
Motherboard: Gigabyte GA-EP45-DS3R / ASRock 775-DUAL
Processor: Intel Core 2 Duo E6600
Video Card: ATI x850 / GeForce 8800GT
Occurs with BitComet: 1.0/1.03/1.04
Network: Linksys WRT54GS running tomato 1.19