You're certainly in a bit of a bind. Recovery from this situation is possible, but usually requires a working IOS. I would take the CF card out of the system, connect it to a PC, reformat it with FAT32 and put a fresh IOS on it. Once this is done, you can place the CF card back in the unit and see if it will start. If it does, you can reset it to factory defaults by pressing control-break when IOS begins to decompress.
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Jody Lemoine, Network Architect
CCIE 41436, MTCRE, MTCINE, MTCIPv6E
tishco networks, Virtually Everywhere
(905) 378-1134, jody.lemoine@tishco.ca