HP Photosmart C7200 "ink system failure fix"

Follow the following procedure before you buy a new one!
1. Press and hold key '*'
2. Press the '#' and release both keys
3. Press and release in sequence the '1','2' and '3' buttons
4. Press and release the right arrow until the display says "system configuration menu"
5. Press and release the "ok" button
6. Display should say "Hardware failure status". Press and release the "ok" button.
7. Press and release the cancel button as many times needed until the main menu appears
8. Turn off the unit and unplug the power cable for 30secs
9. Turn the unit on

Hopefully you should be backup and running!