My computer took a power hit during a storm and I believe the motherboard is fried. If this is the case, can I simply replace the exact motherboard and, theoretically, go on with busines as usual, assuming no other components were affected? Will XP recognize the new board if it's exactly the make/model of the original?

When power related problems affect a computer they usually affect the power supply first. Then the motherboard. There is no hard and fast rule but those are the percentages. An exact motherboard replacement may be hard to find used and expensive new. So, getting a new motherboard and PSU would cost more than your computer is worth. That said, Unless the board is an identical match the OS on the hard drive, assuming it still works, will probably not boot. This is because the OEM license you have is keyed to the motherboard. Dell paid much less for your WinXP license than you can buy a copy of WinXP. That is because of the limited nature of the license. From the limited specs you posted I would guess your computer wouldn't have much monetary value if it were working. I am basing that on the 256MB of RAM primarily. That would indicate an older model. You hard drive can be installed as a secondary drive in another computer to access your personal files. Again, assuming it works. Usually the power issues work inward as explained above.

OtH, you've been kickin azz lately...I may as well retire ;)

jam, I still got over 7000 threads to catch up on. I doubt I will ever do that. You can still put your two cents in here anyway, LOL.

OTH-I'm asuming the answer to my questio is Yes, it will boot to an identical motherboard. This machine is probably about 5 years old so the specs I listed may be in error. But I really appreciate your comment about making the HDD a slave in another machine. Thanks for the good info.

The OS is keyed to the motherboard, so replacing with an identical MBoard should work right out of the box. That is assuming the motherboard is all the problem.