Ok good, then it is not your hard drive. At this point, it looks like either the memory module has gone bad, or Windows is very corrupted and will need to be reinstalled. To confirm the memory, please run that test as well in the BIOS:
If that fails, then you just need to replace the memory module, let me know.
If the memory is fine, then we will need to try reinstalling Windows, since reinstallation will erase all files, if you want to copy any of your files off the Hard drive you reinstall windows this way, you'll need to pull out the hard drive and then stick it in a usb laptop/desktop hard drive enclosure (you can get these at any nearby computer/electronic store).
You'll want to plug this enclosure into a working computer, and then you will be able to copy over all your files to it. User files are normally located under C:\Users\[your profile name]\
However these files may be located elsewhere, and you will need to make sure you copy over the files you need by searching the entire hard drive. If you are not comfortable with this you may want to have a local shop help you with this just to make sure you get all your data over. Remember that although you can copy over your files, any custom programs you installed cannot be copied over and must be reinstalled when you reinstall windows.
Then, once you've done that, you'll want to reinsert the hard drive and try a factory recovery to reinstall Windows:
Restart the computer and start tapping F10 right away, keep doing that until it brings you to a recovery screen > If you aren't able to get the recovery screen, try tapping F11 at startup.
Try the standard recovery first (You can try the destructive recovery later if that doesn't work)
Note: If you aren't able to access the built in recovery partition, it means that is corrupted as well. Boot the recovery disk that came with the computer.
If you don't have one, you can call(NNN) NNN-NNNNto get them. Compaq is now owned by HP. Once the cd comes, you'll just need to change this setting in the BIOS (so the laptop reads from the cd first, and not the hard drive):
Restart and immediately start tapping the F2 key on the keyboard, you should see a BIOS screen come up (although it may take some trial and error, if it doesn't work with F2, try F12, Delete, or Esc, one at a time).
In BIOS, go to the boot tab or Advanced BIOS features, and look for the option to set the boot priority of your CD/DVDrom to first and make sure the Hard Drive is second. SAVE and exit when done > Then restart and the computer should read from the recovery cd now, follow the prompts to reinstall Windows.
However, if HP no longer carries the recovery cd though when you call, or reinstalling Windows does not fix this, you may need to go with another computer...as this would indicate some kind of issue with motherboard that can get quite costly to repair.