I needed to bring out my 2007 MacBook with Lion to make sure I know what you're seeing. It will help (help me, at least) of up can clarify something.
If I go into Recovery, I see the HDD (or SSD, if applicable) and the main HFS+ partition. The HDD/SSD has a size (in GB), then the brand and the model number of the HDD. The main HFS+ partition, for me, is the typical "Macintosh HD". So when you refer to the "boot partition", do you mean the HDD/SSD or the "Macintosh HD". And when you refer to the "HD itself", you must the mean whatever the other one is (HDD/SSD or main HFS+ partition).
More important, when you say it "can't be repaired", are you saying that the "Repair Disk" button is greyed-out? Have you tried pressing the "Repair Disk" for the other entity you have that "appears to be fine"? If you haven't, you may want to wait on that. Do you have a current (or current enough) backup?
What do you have - a HDD or SSD? How old is it?