Windows 7: unmountable boot volume

hi guys. I am using Acer Aspire 4740G and recently i cant boot my computer because of the blue screen error. Firstly when i started my laptop, it showed two options. One is to Launch startup repair and another to start windows normally. I had selected the first option but it would just give me a blank screen. I tried getting into safe mode but the computer just restarts. Okay so acer did provided me three recovery disc. I inserted the first one and it loaded. Until to a point when a browser appears and a message indicating "please wait a moment". Yeah right and that moment was two hours and the message remained. By the way that programmme is called acer e recovery management. I think my last option is to reformat my com. But i just cant access the erecovery to restore to factory settings. Any help or other way to reformat it?

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