Lion - system busy shortly after bootup

[PCMCIA]

MBA running Lion. System busy and locks up after no more than 2 minutes after bootup. Command-Option-ESC doesn't do anything. Only press and hold ON/OFF key to force shut-down. As well, can not bootup in Safe Mode either. Any suggestions??

Thanks...

 

[S.B.G]

I suggest you take it into an Apple Store to have it looked at. is it still under warranty?