Release Info
OS: Windows XP Professional SP3 (x86)
Language: US English
Recommended: 512 MB of RAM, 10 GB disk space (4 GB for installation).
Updates included at setup: most of the high-priority and recommended updates available by December 11, 2016
Internet Explorer version 8.0.6001.18702
Windows Media Player version 11.0.5721.5280
Updates that are not integrated in setup (to be installed post setup): Windows Malicious Software Removal Tool, Windows Genuine Advantage Notification, Security Update for Microsoft Visual C++ 2008 SP 1, Windows XP End of Support Notification

Usage
Open text file GRTMPVOL_EN_20161211 VL keys in this folder and take note of any of the listed serial numbers (will be needed during setup)
Mount / burn ISO file and run setup
After installation has completed, you must validate XP (go to folder 'EXTRAS', subfolder Windows XP Validation Pack - instructions in text file)
In order to update Windows XP, you must install WindowsUpdateAgent go to folder 'EXTRAS', subfolder WindowsUpdateAgent - instructions in text file)
Now run Windows Update and update it to Microsoft Update (follow and accept all prompts, including Security and ActiveX warnings until you have Microsoft Update installed)
You may now delete the shortcut to Windows Update in Start Menu

Update Windows XP

When running update for the first time, you will get a message saying 'Software Upgrade for Some Windows Components Required'.
The upgrade will install Windows Genuine Advantage Validation Tool (KB892130).
When done, close the window, click Microsoft update home and check for updates again.
You will now be offered to install 5 high-priority updates and 9 Optional Software Updates.
High-priority updates are mandatory (66.6 MB total download size), so just install them:

Windows XP End of Support Notification (KB2934207)
Cumulative Security Update for Internet Explorer 8 for Windows XP (KB2879017)
Windows Malicious Software Removal Tool - August 2016 (KB890830)
Windows Genuine Advantage Notification (KB905474)
Security Update for Microsoft Visual C++ 2008 Service Pack 1 Redistributable Package (KB2538243)

Most of the Optional Software Updates are related to .NET Framework (either installation of updates).
Skip these updates unless they are required by some applications, downloading and installing them take ages ....

Extras

Powershell 2.0 for Windows XP
Windows XP TweakUI PowerToy