@Nightwolf
Have a look here http://www.runtime.org/gdb.htm
it sounds like it might be what you need. They might have a demo that you can try out - sometimes the demos don't let you save your stuff, but if your old data is still there you'll know for sure. Or do a Google on: data recovery software.
Make sure you back up anything you want to keep from the XP system before you do anything - just in case! Also have a look at getting a DVD burner, they're pretty cheap now and you can save nearly 10 times as much stuff than on a CD.
The "dual boot" part of your system seems to be working because it is looking for win.com, XP boots with NTDETECT.COM and a thing called ntldr. It just sounds like maybe the "Boot Sector" of you FAT32 partition has been corrupted - that just means that the "Index" has been torn out of the book but all the "Pages" are still intact. If it is you might be able to check it with http://www.ptdd.com/fixboot.htm which might be easier to use. Anyway good luck with it.
cheers
Ken