Minimum XP Install

An excellent set of batch files for removing all the fluff that comes with Windows XP at http://jdeboeck.msfnhosting.com/ [Edit: this site is no longer available - but the forum thread is still available at msfn.org]
Use one of the methods on msfn for making an unattended installation CD and you’ll have a quick install and a high performance XP box.

Some tips from the forums:

Don’t remove Internet Conection Wizard because Outlook wouldn’t work (it doesn’t have default identity which ICW creates). [update: a registry edit solves this in the latest batches]

And in removing printer drivers leave ntprint.inf (or copy it additionally over dummy one) because many printers will refuse to install even with their own drivers (any version, tried it on couple puters).

Don’t remove Windows Managment Instrumentation if you need menus for easy configuration of Internet Connection sharing in Preferences of your connection (last page, where the Firewall settings are).