We’ve been trying to convert a few Windows 2000 SP4 server to a VMWare machine for a while and running into the same issue. I would always get a MODEEXCEPTIONNOT_HANDLED BSOD right after the login screen would appear. I tried the normal fixes listed on the VMWare website including the right SP4 rollup 1 v2 and checking the versions of scsiport.sys. Fortunately, I stumbled across this wonderful article: http://www.networkworld.com/news/2005/041105-windows-crash.html?page=1.
I set the virtual machine to a kernel mode dump and let it BSOD as recommended by the article. I then copied to memory.dmp file to my Windows 7 workstation where I had installed the debugging tools referenced in the article. I quickly identified usbsp.sys as the offending driver. I renamed it on the virtual and rebooted. Result? Perfect! I will definitely make sure I use this in the future to get a handle on blue screens when they pop up. Here is the relevant data from the process with the info highlighted in red. How cool is that?
The important bits to know is this section here: SYMBOL_NAME: usbsp+af5 FOLLOWUP_NAME: MachineOwner MODULE_NAME: usbspIMAGE_NAME: usbsp.sys