No.. it only parses through XP generated log files, and I do not think that parsing through your event viewer log file will help you any more than simply looking at it.
If you want to know if your NIC works or not then you should take a look at your device manager and make sure the newest drivers for XP are installed.. if not then you should install them..
Then you should try to ping localhost or 127.0.0.1 which are loopbacks. This will tell you if your NIC will respond. If that does not work then your NIC is probably bad.
If that works then you should assign your NIC an IP and subnet mask and try pinging that to test the NICs ability to bind to an IP addy. If that does not work then your NIC could be bad.
If all that works then it is not likely that you have a bad NIC but that the problem maybe a IP scheme issue or bad cabling or a bad port on your router or switch or god forbid hub.