I just had the same thing happen to my Dell Inspiron M5030, as far as I can tell it is a processor failure, though I am still trying to find the best way to fix it.
Good New: All your data is still safe and recoverable on the hard drive.
Better news: The processor is replaceable, though if your laptop is still under warranty you should use that to get it repaired.
Though i would recommend you have it professionally done, the process of removing and replacing the processor is fairly straight forward if you know how to take your laptop apart. Just make sure your replacement processor is compatible. Here is how to do it:
http://support.dell.com/support/edocs/systems/insn5030/en/sm/cpu.htm#wp1179976
Good luck!
P.S. Also spend some more time confirming that the processor is the problem before rushing into replacing it.