This means the hard drive is failing ow to run hardware diagnostics for an Intel Mac Boot from your original OS X Installer Disc One that came with your computer. After the chime press and hold down the “D� Key until the diagnostic screen appears.
Run the extended tests for a minimum of two or three hours. If any error messages appear note them down as you will need to report them to the service tech when you take the computer in for repair. Via Apple – Support – Discussions – iMac regularly freezing...link here discussions.apple.com/thread.jspa?thread... you can see more here chimac.net/2010/07/02/imac-regularly-fre....
The hard drive is most likely failing. It is recommended to backup everything you can! Then, the next best option would be to reformat.
It's a generic "failing hard drive" error. Back up what you can as soon as possible and insert the installer disk to format and install. This may 'cure' the problem.
Restore your data and reinstall any 3rd-Party applications you added yourself. *If the format and reinstall fails AGAIN due to a disk error or some other error that may be related to the failing drive, take it to an Apple Repair Centre and if the unit is still under warranty they'll be able to replace the drive under the terms of the Warranty. If you are no longer under warranty, they'll be able to point you in the direction of a replacement hard drive you can install yourself.
It seems to be one of the fans in your mac.
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