It certainly can, but your Windows XP computer may be affected by a bug in Windows Update (!), that makes the CPU usage run at 100% and therefore affects the video playback aswell.
On a single-core computer it will try to use all CPU, on a dualcore CPU it will only use one core, leaving 50% capacity left for video playback.
To read more about this issue and how to fix it check this link, also to check if you are affected, download Process Explorer and check for a svchost.exe that contains a Windows update process like the image below: