Hi GiantHobbit,
The below Error descriptions are an explanation as to what the Errors mean and how to correct them. It may look like a lot and a bit of a nightmare, but hopefully a Windows Update may solve a lot of these. You may also be able to sort some of them out by going into your device Manager and checking to see if there are any warnings there next to any of the devices shown in the main window. If there are, click on the '+' sign to expand it and then right click on the warning and select 'Update Driver' and let Windows look for you.
There are always warnings in your Events log, but it the ones in Red that you should try to fix. I see quite a few in mine from time to time, but they normally resolve themselves by either updating drivers or via a Windows update, so don't panic.
I would also do a chkdsk /r on your hard drive though as this is always a good thing to do every now and then, as it will look for any bad sectors on your hard drive and try to fix them. Easiest way to do this is to schedule one by going My Computer, and right click on Local Disk (C

select 'Properties' and then choose the 'Tools' tab. Hit the 'Check Now' button just under Error Checking and in the window that opens, tick both boxes and press Start. It will say that it will start the error check on the next restart. Reboot and it will begin on next boot. It may take a while to complete, but it's very worth doing.
Any drivers that your motherboard may require can be found
here I would check in Device Manager first to see which ones you require first though.
Don't update the BIOS or Chipset ones though as these are more specific, unless one of the other moderators advise you to.
Event ID: 10005 DistributedCOM - This points to low system resources and increasing the page file is one solution. However, looking at the specs page you have 3GB RAM which really should be sufficient. So I would be looking at what is taking up those resources (programs running in the background) or testing your RAM. You say "this error almost always occurs in groups of three and always precedes a PlugPlayManager Warning #263" so go into Device Manager' and update any drivers that may be required.
Event ID: 7001 Service Control Manager - This is due to NetBIOS over TCP/IP being disabled. To resolve go:-
Open Device Manager. (Right click on My Computer and select Manage. In the window that appears, select Device Manager from the left
On View at the top, select 'Show hidden devices'.
Double-click Non-Plug and Play Drivers.
Double-click NetBIOS over Tcpip.
In the Device usage box (under the General tab), click Use this device (enable).
Event ID: 7026 Service Control Manager - This points to a system Start driver failing to startup with the machine, and can be resolved by updating the required driver. Is your computer fully updated vis Windows Updates as this should resolve the issue or go into your Device Manager again and look to see if you have any warning next to System Devices (double click it to expand again to locate the exact one?
Event ID: 7024 Service Control Manager This error is the result of setting MaintainServerList=No in the registry while still having the Computer Browser service active. If your machine is either the only computer in the house or not part of a network of machines in your house then again this may be resolved by a Windows update or by setting the 'Computer Browser in 'Services' to 'Stop' (only if your computer is the only one in your network though) - Right click on My Computer and select Manage>Services and Applications>Services, and locate 'Computer Browser'. Double click on it and change if from 'Auto' to 'Stop'.
Event ID: 412 Task Scheduler Right click on My Computer and select Manage>Services and Applications>Services, and locate 'Task Scheduler'. Double click on it and hit the 'Stop' button (it will take a couple of seconds to do this) then press 'Start' and then 'OK'. Now whilst you are still in the Services window look for 'WLAN AutoConfig Service' and make sure that it is set to Automatic, and then click 'Stop' (wait a couple of seconds) and then press 'Start' and then 'OK' (the last one was to hopefully address the "often precedes a WLAN Auto-Config warning #4001" error you saw along side the 412 Error.
Event ID: 5 Kernel-General This could have been caused by the way you are shutting down your computer. I know that you are getting system freezes and shutting it down in the normal way isn't an option. So I'm guessing you are either turning it off at the plug or holding in the power button, and doing it that way. If so, you could also loose data as it won't save correctly, but I guess you had no choice.
What anti-virus are you running on your machine by the way?
The minimum System Requirements (plus what you also need to run your OS and other programs) for LORTRO is:
Processor: Intel Pentium 4 – 2.0 GHz
Memory: 1 GB RAM
Graphics card: Supported 128MB Graphics Card
Network connection: Broadband Internet Connection
Disk Space: 13GB available
Optical Drive: 2x DVD ROM
Software: Windows XP, DirectX 9c
Now seeing that your Power Supply unit is 250W this will be drawing even more power from your PSU which is a little under powered and as I said may be the main cause of your issues.
Do you get the system freezes whilst playing the game or just when general use of the computer?