The solution to this problem is the GUID partition table. But it does not work on XP 32-bit. It does work on XP 64-bit or Vista. But then you run in to another problem: The BIOS can not boot from GUID-based disks. Only EFI can. But as of now, the vast majority of PCs don't use EFI. And only Vista 64-bit supports EFI anyways.
So basically, if your PC uses EFI instead of BIOS, and you are running Vista 64-bit, then you can boot from >2TB drives. If your PC does not use EFI, then you can use a >2TB drive as a data drive (not boot) as long as you are not using the 32-bit version of XP.
Here's more information on GPT:
http://www.microsoft.com/whdc/device/storage/GPT_FAQ.mspx
