Yes it is possible to upgrade from Tiger to Leopard, but
AFAIK your G5 PowerPC will not run Snow Leopard as apple have dropped support for the G5 and have moved on to Intel processors which is needed to install Snow Leopard.
I don't have any direct experience with what you want to do as I had an intel mac and was able to leap-frog Leopard and now run Snow Leopard. I just wasn't ready to move on when Leopard first came onto the shelves.
Here are a few links for you to read, about upgrading your G5 from Tiger to Leopard.
Requirements for Mac OS X v10.5
Installing Leopard on a Power PC drive, won't go!?
Thoughts on Leopard performance on PowerPC Macs (Updated)
I think you should also read through this thread so you get both sides of the story:
So long sweet Leopard...hello Tiger...
Now, about installing Windows XP, once again i can only point you in the direction of what info I have found available due to the fact I have no experience running Windows on a Mac, so here are a few threads to help you out:
Windows on Mac Q&A - Updated March 22, 2010
Windows on the Mac
Hope this helps you, scottenti and please drop by again to let us know how things went.