It probably means the hard drive is dead. Is the computer still under warranty? If so call for help.
If not and you can get your hands on a windows xp disk, try booting from the cd, if it doesn't boot to the cd, go into bios setup and change boot order to cd then hard drive.
If you can do this, say no at the first screen that asks if you want to run recovery console. At the next screen you have a choice of reinstall or repair. Choose repair and follow on screen instructions.
If none of the above help, buy an external usb housing for a 2.5 inch hard drive. They run $10 to $50. They are all over ebay and great to have for just such an occasion. Anyway, remove the hard drive from the laptop. There should be instructions in the manual. It is generally easier than doing something similar to a desk top, but be very, very careful. The parts are small and delicate. Make sure that the computer is unplugged and battery removed. Make sure that you are well grounded, static electricity can be a problem, particularly this time of year.
Anyway, put the hard drive in the eternal housing and plug into another comuter. If the other computer sees the disk, great. Copy any files you want to save, put drive back in the laptop and run recovery disk and reload files.
As a last resort, try running the recovery disk and see if it sees the hard drive. If it does, then cancel out until you can copy important files.
Remember always backup important files, it is not if but when a good backup is needed.
For a good break down on backing up your computer go to http://www.langa.com/backups/backups.htm