you could prevent the event log service in services from starting automatically or disable it altogether. and it would stop new events from getting logged. if you want no events, you'll have to clear each log manually prior to stopping the service.
why would you want to do that though? logging events is good for knowing when things go wrong. besides, xp doesn't log that many events (unlike vista and 7!)
the only reasons i can think of for disabling event logging would be illegitimate (access the computer, without leaving traces that it started up or shut down).
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