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yup, with figment on this one, that message (in 99% of instances) means the hdd has a problem - usually burgered, but sometimes software-related. This should be your first line of investigation
......Gettin' There, Wherever There is......
I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple
PXE is network boot - the boot sequence could be something like 1. CD, 2. Floppy Disk, 3. USB, 4. Hard Disk, 5. Network; each is tried in sequence and it looks like each failed and it fell through to the network option (PXE is Intel Preboot eXecution Environment to boot over a network).
That would be consistent with the hard disk having failed.
Elsewhere in setup there should be an option to list the disks - what do you see listed there?