Mind you, if Windows can load in safe mode, then maybe does it mean that only a driver was corrupted. You could try to reinstall every driver (video, sound, network, and whatever else you have - though sound could be a serious candidate) instead of reinstalling Windows, then see if the problem remains.
Also, try to check the registry key HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\Curr entVersion\Run and see if every program name is known to you in there. Same for the Start->Programs->Startup group.
Which version of Windows have you, by the way ? Windows 2000 has some repair options that sometimes work well.
(I too hate having to reinstall a whole OS...)
"The main difference between Trekkies and Manchester United fans is that Trekkies never trashed a train carriage. So why are the Trekkies the social outcasts?"
Terry Pratchett