Time for a new hard drive. That one has failed.

Hard drive is nearly gone. Back up your data now. Seriously.

you can try the recovery console, . how long it takes you depends on the size of your hard drive though. if this fails you can then try a windows reinstalation. sometimes these work, and are worth trying. if its a maxtor hard drive, error code 7 is common as they have proven to be unreliable. its worth a shot, and may save you some money. toget full instructions on how to do the rec console, go to www.windowsnetworking.com and type in recovery console on the search bar. you will then see the link with all the instructions. good luck either way.