I am running Win7 and an ATI4670 and an ASUS P7P55D motherboard. All had been great until last week when I got the BSoD. The message said "video driver failed to initialize". I have tried all of the available Win 7 recovery options when booting using F8. Is there any way to reload all of the ATI drivers, etc from the CMD prompt from the recovery screen?
Since you've tried all the F8 options, I assume that you've been to safe mode. Safe mode doesn't load video drivers for sure. You can do some fixing in safe mode before resorting to loading drivers from CMD. If you are at this point, try to restore your computer to before "last week", before the BSOD.
Another option, boot into safe mode, manually delete all the video driver. Then boot normally, reinstall the video drivers.
A side note, in my limited experience, BSoD is more likely a result of failing hardware than software (at least in XP and onwards), depending on how crazy you are with your computer. If you have the resources or just friends, swap in something else to see if it works. I had a broken video card a while back, it does things like this.