If you need to rescue your FL accounts (or any files from your windows partition), you can boot a Linux live CD (one with ntfs support), mount your windows partition and copy /Program\ Files/Freelancer\ Account\ Manager/Accounts.dat to a flash drive or something.
If your hard drive is really toasted, this probably won't work :P
(If you have access to another computer, I'll gladly guide you through the process.)
Alright. If you still have your OS CD, put it in the Computer. (Turn it on, spam the disc opener button and put it in, shut back off). Then boot it again, and spam F12. From then on you will select "Boot from CD Drive". It will then boot from your OS CD. If your Harddrive is smoked this will most likely work. If this doesn't work something else is screwed. But yea, boot it from the CD, and then repair everything. After repair boot it from the Hard drive again, and see if it works. If it doesn't you might have to boot from the CD again and restore your PC. If still nothing works after you restored it, your HDD is definately dead.
Hope that helped...
PS: If you don't want to lose all your files... There is some way of keeping them I think. Which would be, that you connect another Hard drive to your computer (External) and let it boot from that Harddrive. Then from there you can set up your internal harddrive as a "Slave" (Yes, I know it sounds funny), and move all your data to the other Harddrive. I'm not sure exactly how to do it, but that's a start at least.
Edit: Be carefull when removing the battery, as it may reset the PC's registration with Microsoft. You might need to reregister it...
Something similar happened to me with my laptop. Called the company and they told me I have to restart the computer from scratch (like buying it again). Although, I had to carry my hard-drive to a Computer Shop to get my files backed-up (took 4 days to get it back... those bastards). Anyways, was the best option i had left to do really. My computer is working at a top-notch level:).
Bad news is... you are going to loose your programs. Unless you have the installation files, shouldn't be a problem to think it over.
[font=Fixedsys][color=#FFFFFF][color=#000099]Right, I'm now looking at the battery (CMOS) and it appears to have been spot welded/soldered onto the connectors.........
So, I have no clue what to do at this point in time.