Most likely the driver is corrupted. Happened to me before.
Check your BIOS settings. Does the BIOS IDE settings recognise the correct model of CDRW.
Also see if you can update the driver for this CDRW from HP site.
You will need to go via the Control PanelSystemHardware for “force updating” your driver.
Alternately, through the same method, go the the hardware panel, right click and uninstall the Drive, and then re-start your computer. See if it allows you to pick up the driver again.
Worst case, re-install Windows, its really not that difficult. It happened to me with an IBM Thinkpad, and I had to re-install.
It is a really freaky error.
Then make sure you use Norton Ghost or some tool like that to make an keep a “clean basic install image” of your drive. Then at any time you can restore that image and have yourself a “new” computer.
Hope this helps.