The boot selection failed because a required device is inaccessible
"The boot selection failed because a required device is inaccessible"... not the kind of message that brings a smile to one's face.
I had used Ubuntu loaded off a CD to resize my Windows 7 RC installation and shrink my Windows XP partition. When I rebooted I was greeted by this nasty message.
My Windows 7 partition would not boot at all and I had to go through a chkdsk boot check twice before I could get back into XP.
I managed to get Windows 7 back by putting the Windows 7 install disk back in and booting off it. After choosing my language, keyboard etc, the next screen let me do a repair. The Windows 7 repair took a little while and then told me it could fix it and wanted to reboot. After the reboot, I had Windows XP and Windows 7 (repaired) listed in my boot manager.
Phew. Remember, always back things up before playing with partitions and release candidate software!
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Use EasyBCD
You can do this easier by using Easy BCD. I had this exact same problem but I no longer have a copy of Windows 7 and Microsoft stopped the free download.
Download Easy BCD here: http://neosmart.net/dl.php?id=1.
Once you have it installed start it up and click view settings. You will most likely see that it says 'Partition Deleted' or something to that effect under the Windows 7 entry beside 'Drive:'.
Click on 'Change Settings'. Under 'Entry-Based Settings', choose Windows 7 and change 'Drive' to the drive letter of your Windows 7 partition and then Save Settings.
When you reboot you should be able to boot into Windows 7 again.
Hope this helps