Windows Server 2003 could not start because the following file is missing or corrupt:

Windows Server 2003 could not start because the following file is missing or corrupt: 

\WINDOWS\SYSTEM32\CONFIG\SYSTEM

After googling the internet, I found the following method to solve the above issue.

1. Start the computer by using the Windows 2003 CD. At the “Welcome to Setup” screen, press R to repair, and then press C to start the Recovery Console.
2. Type the number for the appropriate Windows installation, and then type the Administrator account password.
3. To copy the SYSTEM file from the WINDOWS\Repair folder to the WINDOWS\System32\Config folder, type the following command, and then press ENTER:

   copy c:\windows\repair\SYSTEM c:\windows\system32\config\SYSTEM

   If you receive a prompt to overwrite the file, press Y, and then press ENTER. (You can also copy all the files one by one, as console doesn’t allow you to use * wild card )
4. Restart the computer.

Windows should be able to boot up normally.