windows xp sp3 setup blank screen on boot

When attempting to run Windows XP SP3 setup in qemu on a Lubuntu host with the following kernel:

Linux michael-XPS-M1530 3.2.0-23-generic #36-Ubuntu SMP Tue Apr 10 20:39:51 UTC 2012 x86_64 x86_64 x86_64 GNU/Linux

Qemu does not get past a blank screen after "Setup is inspecting your computer's hardware configuration"