Blue screen/stop 0x error - newbie help :'-(

I desperately need help! I am very new to this (posts). Plus I am beginner/intermediate with PC knowledge... please bear with me.

I have a Dell Latitude x300 laptop with XP. I purchased it from a family member's work acquaintance and we can't get a hold of him (hmmm. funny.).

I was online and my laptop shut down. I honestly thought that the battery had run out. Upon plugging it in and restarting, Windows began to boot, but then I received a blue screen with an "unmountable_boot_volume" error. The laptop will not allow me to operate in any form of safe mode (networking, command, etc.) or return to the last known good configuration.

The technical information for the error says:
*** STOP: 0x000000ED
Then I have additional 0x0 errors listed... the next listing has changed between 0x83329900 or 0x32EEE30... then it continues every time to (0xc0000006, 0x00000000, 0x00000000)

I don't know what to do next. Do I need to reinstall/recover XP? I never received any type of recovery disk or xp installation disk. I only have a CD-ROM for the laptop (which is installed in the docking station) so I can't use the 6 floppy boot disks everyone seems to discuss. Not to mention, shame on me for not backing up my files. My last concern is once I've figured out the recovery, I have no idea what the Windows product key is! Would I need to have that once I reinstall/recover? The person I bought the laptop from literally handed over the laptop and nothing else... again, shame on me. Am I even moving in the right direction?
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