Can I install TFS 2010 on Win XP?

It's not possible to install TFS on Windows XP as its not supported Operating System for TFS Installation.

Below is the list of supported OS for TFS2010:

Windows 7;Windows Server 2003 R2 (32-Bit x86);Windows Server 2003 Service Pack 2;Windows Server 2008 R2;Windows Server 2008 Service Pack 2;Windows Vista
 
Windows Vista (x86 and x64) with Service Pack 2 or later (all editions except Starter Edition)
Windows 7 (x86 and x64)
Windows Server 2003 (x86) with Service Pack 2 or later (all editions)
Windows Server 2003 R2 (x86) or later (all editions)
Windows Server 2008 (x86 and x64) with Service Pack 2 or later
Windows Server 2008 R2 (x64)