Sounds like it's been damaged... Remove the battery for a minute or 2 and pop-it back in..
While you have the battery out check to see if there is a SIM/Media Card in there if so remove it.
So the BB just Hourglasses and then the red light appears and it repeats that constantly?
---
May want to see if you can do the following:
http://www.blackberryfaq.com/index.p...ng_Jl_Cmder%3F
http://www.blackberryfaq.com/index.p...nnect_and_wipe