Well, it often means your hard drive died, sorry to say.
But, can you get into your bios and see if you have s.m.a.r.t drive enabled? If so it will give you an error message when the first screen comes up, before the error message. If you see the smart drive message telling you there is a problem with your hard drive, then you know for sure its likely toast. But you can still get the hard drive diagnostic program from the hard drive mfgr and test the drive out in dos using a win98 boot disk and then swapping the diagnostic program in its place.
Or, take the hard drive out and slave it to another system, see if the other system will see it or not.
Sorry to report bad news.
Good advice + great people = tek-tips