Dell M60 laptop gray screen after Win XP splash screen?

I have an M60 laptop that recently started failing the boot process after the Windows XP splash screen, just before the login screen. It does the same thing with an external monitor attached. If I start it in Safe Mode it will boot. When I restart out of Safe Mode it boots without a problem. The next time I try to boot in regular mode the same thing happens.

I have tried removing memory and switching DIMMS around; I have tried replacing the current hard drive with the original hard drive which was working when I replaced it and it has the same symptoms. I did this as any easy way to eliminate viruses, trojans or corrupt drivers. It appears to be a hardware problem, but I am stuck. Anybody have any suggestions? Thanks
 
Thanks!

I'll try the CMOS battery replacement. Do you recommend this because the BIOS may be resetting something without reliable power? I would think that with a good primary battery the CMOS battery would not be affected. It will take a while to get the part, but it should be cheap.
 
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