Computer is running xp, upon startup everything seems like its fine then it goes scan devices, please wait:
Serial_ch0 master: No Device
Serial_ch1 master: No Device

Then it goe to another screen which says,
Verifying DMI pool Data...
Disk Boot Failure, Insert System Disk And press Enter

Pretty much nothing happens after that, I do not have any disk for the comp, any ideas?

It can not find your hard drive - I would believe with doing some searching that your motherboard may have gone bad

When did it work last?

Anything done or happen to computer since it worked last? Lightning, power surge?

Is the computer overclocked

Maybe you'll get lucky and looking inside will reveal a loose cable or power cord to the hard drive. Check it out, firmly reseat all the cable connections, reboot.

Good luck. If it's not a cable, it's 99% sure to be a MOBO failure (Seahawk's answer), not the end of the world, but a $100 fix more than likely, and most people are nervous about changing out MOBOs.