yep Rojash , think we have all been there at least once...I once rememeber working for a company that got a so called IT engineer out to fix a similiar problem, took him an hour until he realised it was a floppy still in it..
no there was no discs in it the battery died and when i plugged it in n switched back on the next day that msg came up put in the acer recovery disc and now it says
GDISK (E) No such fixed disk--1
you might be lucky and it's just the master boot record thats had it.
assuming you are using windows XP, boot the computer from the windows XP cd, select R for recovery console when you are give the option and when you get to the command line for the recovery console type "fixmbr" (without quotes" and hit enter