Copy following files from a XP Professional edition and then:
1.) Extract to
C:\Windows\system32:
appmgmts.dll
appmgr.dll
fdeploy.dll
gpedit.msc
gpedit.dll
gptext.dll
fde.dll
2.) Extract the following files to
C:\Windows\system32\GroupPolicy\Adm (This directory doesn't exist, so create it):
system.adm
inetres.adm
conf.adm
3.) Now type the following commands in a command window:
regsvr32 gpedit.dll
regsvr32 fde.dll
regsvr32 gptext.dll
regsvr32 appmgr.dll
regsvr32 fdeploy.dll
It should enable gpedit.msc in Home Edition
source
PS: Also u can try
Doug's Windows XP Security Console, its an alternative for gpedit.msc for Home Edition.