no. Last known good is the hardware config that is saved when Windows starts up. if you get the machine up, then last known good is bad already. it's a major misnomer as it's really very useless most of the time.
can you explain what the problem is a bit and maybe we can help figure out the best solution...
bout safe mode, if you can boot in dos/cmd prompt just use edit, open your boot.ini and add after the line
[operating systems]
multi(0)disk(0)rdisk(0)partition(1)\windows "windows xp home/pro (depends on what you have installed)" /fastboot
after the fastboot trigger just add /safeboot.
not the multi(0) ........... may differ on your system.
