I agree with the bad RAM hunch. However, the biggest issue with bad RAM is that it can corrupt everything on your hard drive. Therefore, it's possible that removing the bad RAM won't make the problem go away. If you have an Apple Hardware Test, run it.
It's also possible you have a failing hard drive. Drive Setup on the OS 9 install CD can run a good surface scan (it's the Test option in the menu). If it says "could not complete because of an unexpected error," then you need a new hard drive.