The microsoft links the guys gave you will only check if there is file damage.
It will not diagnose a bad harddrive and it will not repair the registry
Although, as a first step, you must follow the instructions given in the microsoft link they gave you.
In other words, it checks and corrects basic file structure problems.

Then to actually fix the problem of a corrupted registry, go here: http://support.microsoft.com/kb/307545/

If you have the applicable XP CD handy (not the OEM CD either), follow the instructions on that link which will fix your problem, unless your hard drive is physically defective.

It's a bit involved, but the fix works.
(print it out and read it 3 times before you follow it)

I'm assuming, of course, this error message is on a harddrive that is not freshly installed with Windows. (you didn't tell us)

As for your remark that it's a common problem among XP, that simply isn't true.
It's not common at all.