dell inspiron m501r - 7 beeps! Does this mean the end for my laptop :(

My DELL inspiron is coming up for 2 years old and has suddenly stopped working!  on switch on the screen stays black and the laptop bleeps 7 times :( I've looked online and my searching keeps bringing up the term - 7 bleeps of death! does anyone know what's happened and what can be done to fix it? of course my warranty ran out in May 2012. Do dell offer repairs and at what cost? can i DIY? Will I have to buy another laptop? HELP! :( :( :(