Yes, there is a way to do this:
Boot off the Win2k CD.
Choose the repair option at the install screen.
Read the directions carefully and follow the steps to do a repair with out help of the ERD. There are two types of Repairs available: Automatic and Manual. Try the Automatic repair first and see if you can boot into Win2k, if not go through the steps again and try the Manual repair. If your buddy has SP2 on, say no to the long list of files that the disk thinks is wrong. Look to replace NTLDR, NTOSKRNL.EXE, and other boot portions. NTLDR is probably the most important I believe.