iMac Hardrive failure?

[Kharn]

Sounds like you need to try clearing the pram, hold down command, option. P an R right after turning it on.

 

[S0ULphIRE]

and keep holding it down until you've heard the startup 'chime' sound at least twice.

 

[Jdimstr333]

Hmm..if there is not disk above the arrow icon, cause i've seen this before, it either means that the imac is not sensing a drive, a disc, or that it is shot. In either case you COULD get a new drive and try it all again it should work. However, if it does not and by googling or coming here can't get the install disc out which is very weird, clicking while booting should do it or force ejecting then just go and spend some money on a new imac or refurb!