Windows XP is a 32/64-bit preemptive multitasking operating system that supports multiple users. It has two major features: the ability to automatically repair application and operating system problems, and improved support for networking, digital photography, and video. The document describes Windows XP's architectural layers, which include the hardware abstraction layer, kernel layer, and executive layer. It also discusses processes like booting, memory allocation, networking protocols, and file system structures in Windows XP.