I myself do not own a dell inspiron m5030 but I have been snooping around online and found that 7 beeps on a M series Dell Inspiron indicated processor failure. This may have occured because the laptop's cpu either lasted its lifetime or failed due to overheating issues which is fairly common in laptops. Either way my recommendation is to contact Dell and have them work a deal with you, if its under warranty then its free.
Here is the link where I learned what the seven beeps mean, it was on dell's own forum and the answer in that forum was by a Dell representative:http://en.community.dell.com/support-forums/laptop/f/3518/p/19464785/20203350.aspx
Edit: Ah, I was beaten to it for posting the first reply. Either way you should take a look at the link I provided.