Thanks and sorry I had to compress the title
[0]https://www.cbc.ca/news2/background/computer-security/
[1]https://www.informationweek.com/cyber-resilience/how-long-do...
I wouldn't use XP as a daily driver if that's what you intend. There's so many exploits that have piled up over the years that getting pwned is inevitable at some stage and the attack surface of XP is massive.
If you actually want to use the computer, the key precaution to take is that your device does not have a public IP address. As long as the IP address is something like 192.168.x.x it's probably safe to plug it in.
Any viruses on that machine that were active back then are probably still active. Browsing the web at large would probably not be safe at all. Specific known urls like mozilla.org are probably fine. Any defunct software that is running could try to connect to URLs from businesses that have shutdown and had their domain names purchased by a nefarious entity. I would imagine that if you start the device in safe mode, programs won't auto start.
I would take out the hard drive, make a copy, delete everything on the hard drive (wouldn't want financial information, old passwords, old authentication tokens, etc. left on it), and then recycle the machine and destroy the hard drive.
Do you want to update it to the latest of that OS and go on from there? You should be aware that some of the older windows update databases got rather too big, and you may need to run some manual updates or the update system will churn and churn and not get anything done. I think this is for XP more than Windows 7, but honestly, I can't remember anymore. Probably best to ferry those enabling updates to your system via usb before you hook it up online too.
Other people can give you the speech about not using end of life Windows, if you want to hear that. :)
Or just wipe it by installing linux on it lol.