In the bios disable the floppy, CD and any other drives, any on board devices like network or sound if you are not using them. make sure it's not doing the full POST.
In XP go into the services control panel (under administrative tools) and disable everything or set it to manual startup, except for the following -
Cryptographic services (may not be necessary)
Plug and Play
Remote Procedure Call (RPC)
Security Accounts Manager
Shell Hardware Detection
System Event Notification
Themes (if you want to make it look a little less windows-like)
Windows Audio
Windows Management Instrumentation
Workstation
COM+ Event System
If you need a service, such as networking then obviously don't disable it. If you are using networking, hardcode your IP address, don't use DHCP.
Delete all your fonts except the system ones.
don't install anything except your cab software to keep the registry small.
You can run WinXP with just that for a Mame cab. should boot and be a hell of a lot faster.
I have heard that 0.88 is a lot slower than older versions of Mame, so try using an older version. would be interested to hear other people's opinions.
I put Mamewah in the startup folder, but it can be set as the windows shell, which takes Explorer out of the loop too.