1st thing is, do you have a floppy drive? If so, remove any disks as it will (in most cases) try to boot from here.
If not, then the boot sector, ntldr or ntdetect.com are damaged or a combination of the 3. It's best to replace all 3, so do the following.
Boot the laptop from a Windows XP disk and, when prompted, press "R" to go to the recovery console. You will be asked to select a Windows instance, which is usually just option "1" and the administrators password. You will then be presented with a command prompt.
First, do a disk check to detect/repair any damage. From the prompt, type CHKDSK /P and press ENTER. Wait for the process to finish.
Now, assuming your CD ROM drive is D, type copy d:\i386\ntldr c:\ and press ENTER. Next type copy d:\i386\ntdetect.com c:\ and press ENTER. Lastly type FIXBOOT and press ENTER. Answer yes to the prompt that follows. If your CD ROM letter is something else, replace the d:\ with the letter of your drive.
Remove the Windows XP CD and reboot the machine.
If it starts up ok, you may not experience any further problems, but I would suggest backing up important files and maybe running manufacturer diagnostics on the drive. The problem could be hardware related, but equally a software update (especially a bad SP2 install) can cause this problem.