I am unclear as to whether safe mode will boot right now.
Have you tried that?
It sounds like you have a corrupt windows file (possibly an indication of a failing hard drive) normally I would just start safe mode with command prompt and run
SFC /SCANNOW Command - System File Checker
I'm unclear if you are able to do that at the moment though.
I'm thinking I'll have to go with failing hard drive if this has happened twice in a row though.
Though I also notice there is no official windows 7 support from compaq/hp for your laptop either.
It could simply be a bunch of
drivers failing.
Either way if you are unable to run a SFC a repair install is probably your best bet. It will reset the windows settings but should leave programs and files still functional.
Repair Install