Try booting from the original restore disc that came with your MBP and then run Disk Utility.
Once you've done the hardware test, boot from the OS install disc and run Disk Utility - Repair Disk.
You need to hold down the "C" key as you boot.
Don't worry about how long the Apple Hardware Test takes--it can take a while, especially if you've selected the "Extended" test.
OK, boot from the OS install disk and run disk utility. If that won't run, you may have a bad hard drive. See if you can get it to boot to the OS install screen, and if you have a good backup, erase the drive and re-install OSX.
You could also have a bad OS disc or a bad superdrive.