Update latest BIOS

...I mean your motherboard BIOS.
&
via Safe mode uninstall all USB device from Device manager and boot into Normal mode and install latest mothreboard chipset drivers.

>>  I have reinstalled the operating system

From scratch or repair install?

Which Service Pack?

See http://www.faultwire.com/solutions-fatal_error/BUGCODE_USB_DRIVER-0x000000FE-*1251.html for a nice picture and http://support.microsoft.com/?kbid=331988

And were the USB PCI cards Maxtors?

to what are the devices connected?  the PCI cards?
describe the setup plse - some specs

Thank you for your comments.  The motherboard is a Matsonic MS9377C+, and there have not been any new bios or chipset driver releases for many years.  The operating system (Win XP SP-3) was restored two ways: once with an in-place upgrade, and once by restoring a disk image from a time when everything worked.  The USB PCI cards which I removed are not Maxtor.  The USB devices are now all connected directly to the motherboard's native USB ports.

it can be a power problem -  do these devices have their own power source?
if not you may have to use an powered usb hub like this : http://www.belkin.com/IWCatProductPage.process?Product_Id=158910

Both the devices have independent power supplies.

Yes, the same make and model motherboard.  But I used the first motherboard for almost six years without this happening.

How old is this disk image or what year was it created?

I first used a slipstreamed Win XP SP-3 CD to reinstall the O.S, then (when the BSOD persisted), I tried the disk image.  I tried an image from several months ago, before the BSOD began to occur, and that didn't help.  Then I used a three-day-old image, because I wanted to restore the changes I had made to the system in the intervening 2-3 months.

Total wipe and reinstall or was this a repair install?

Very strange.  I can't find any reference to that Maxtor driver anywhere and the Matsonic specifications talk about SIS chipsets for your motherboard.

It was an in-place upgrade reinstall.  I agree about the Maxtor mystery.  Perhaps there is a Maxtor driver loading from an old hardware configuration.  I will see if I can remove it.

Have a look at this.

http://social.answers.microsoft.com/Forums/en-US/w7repair/thread/d9eaf31a-3723-4e21-8bc8-8d6f1e957622

Applies to Vista and Windows 7 but the same principles could be used here.

Read the Thursday July 08 suggestions on removing all USB drivers and devices and reinstalling.

There are comments about anti-virus as well.  Try disabling any and see if that helps.

I will have a look at that article.  I found several registry entries referring to the Maxtor PCI USB enhanced controller as a legacy EHCD.  I removed all these entiries but the BSOD occurred the next time I used the USB REV drive.  That drive has not caused a problem on another computer.

here some things you can try or check:
-from Device manager scan for new hardware
-in device manager>view tab, click "show hidden devices" and delete all usb entries and hidden devices,  reboot and test
-then you can download the latest drivers for the chipset, and reinstall it to update the USB root hubs
-start>run>diskmgmt.msc      check if the usb devices show up in disk management, then run :   start>run>services.msc
In the listing look for removable storage service.
If it is set to Auto, and not started, then start it : click the Start link in the top left...
-In c:\windows\inf, look for usbstor.inf    -  If it is not there, you can copy it from another PC..When you find it, right click it and select Install

I am in the process of changing the system over to another type of motherboard.  I will post after testing the USB functions with the new system.

After replacing the motherboard with a different manufacturer's product, there has not been a BSOD during heavy usage of USB devices.