You seem to be running the 64-bit version from the info under your username...
http://www.microsoft.com/technet/security/...p/depcnfxp.mspx
Quote
Note: Hardware-enabled DEP is enabled by default on computers with DEP compatible processors that run Microsoft Windows XP 64-Bit Edition. 64-bit applications will not run from "non-executable" areas of memory. Hardware-enabled DEP cannot be disabled.
...
You cannot disable hardware DEP or exempt 64-bit applications running on 64-bit Windows XP systems with DEP compatible processors.
(Article talks about XP because it was written in 2004, no reason to assume it's not still accurate unless there is something to contradict that.)
So you've disabled software DEP but hardware NX/XD is still kicking in and terminating that badly-behaving process.
PAE is a pre-requisite for DEP, but also for the CPU to operate in 64-bit mode I believe.
nadav might be right in that the NX/XD feature can be disabled in the BIOS, I'm not sure.
(Personally I just trash any software that is not written to work with DEP - it is becoming more "the norm", in W2K8 it is enabled for ALL processes now.)