As comment says, 0x0000007b means a missing boot device. That makes very likely, that the default install of your winxp has no driver for the virtual hard disk interface, what the qemu provides for him.
Play with the -device
flags, and google on the net, odds are very high that qemu can provide a virtual hard disk controller which has a driver in the default winxp install.
Note, the beginning of the installation worked only because it has happened yet with virtual bios (provided also by the qemu). As you see the blue death, you are already in protected mode, without access to the bios drivers. WinXP needs to load the hard disk controller driver at that time, it did not happen.
This command works by me:
qemu-system-i386 -hda work/winxp.img \
-cdrom dl/winxp.iso -boot d -cpu qemu64 -m 512 \
-vga cirrus -display vnc=0.0.0.0:1 \
-net nic,model=rtl8139 -net user
and it results a working winxp. How can I make it better (like using virtio and so), not even I have a clue yet.