"Critical error, reboot in 1 min"

I've searched this problem already and found several threads with what appears to be the same issue but I haven't found a thread that matches everything going on with my computer.

Running Windows 7 Ultimate x64 on an Asus Intel-based motherboard.

First, this problem started last night. Started when I ran a virus scan in MS Security Essentials. It picked up a few viruses and quarantined them. I selected remove and restarted. Then the critical error came and my computer then began it's infinite restarting cycle. I googled solutions on my phone and came to a thread that suggested I use Kaspersky. I saved it onto a CD and ran it successfully. Kaspersky found a virus and disinfected it. I tried booting normally and still critical error. Same error in safe mode. I attempted the shutdown /a -a method in reg and safe mode to no avail. I hit F8 on boot and tried using Repair Your Computer. That doesn't take me to the repair list, just forces my computer to boot normally OR put me at the Launch System Repair or Boot Windows normally. I select Launch System repair and it just refreshes that screen. I select Boot Windows, since thats my only option, and boots my computer and critical errors.

Please help me out. I need to fix this computer.
 
Another detail I should include: When I hit F8 and choose to disable system restart on failure, it disregards my command and restarts due to the error.
 
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