When it says "apply power to your player" it means you have to pull the power plug and re-insert it.

But I do not think you need to format your hard disk, so you probably shouldn't even be trying it. I think it can be repaired without erasing everything and starting over, but I don't know exactly how to do it. Hang out until tomorrow and see if anyone gives you a less destructive answer to your question.
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Tony Fabris