Thanks for the replies and the suggestions guys.

One thing I did forget to mention in my original post is that this occurs both with and without a disk loaded in the drive, and the error is displayed as soon as I turn on my Mac. Also, I am getting the normal power-on chime when turning on the system.

I also received a slightly different error as indicated by the image below - the "F" in my original error replaced with a "6". This is leading me to believe I do have a DRAM issue and I plan to start there for further troubleshooting.