I don't see that you have any more options. Both the MFT and its mirror are corrupt. The MFT is the list of all the files on the partition. Without it, your drives contents are just a bunch of 0's and 1's - the MFT is needed to make sense of them.
To get out of the situation you need to:
* Buy another drive.
* Try cloning from your existing drive to the new one. This is very likely to fail, but once or twice I've had a failed drive clone to a new one then be bootable/accessible.
* If it doesn't boot, you will have to run recovery software over the old drive. You'll need to do a raw recovery (where the MFT is ignored and the recovery software runs through every sector of the drive looking for file signatures that it recognises (ie. "hey, this looks like a gif file", "this could be a Word document"). When you do this many of the recovered files will be corrupt, and the ones that are ok will lose their metadata (file name, folder etc). I generally use EayRecovery to do raw recoveries. It's probably no better or worse than anything else, but I'm familiar with it and have never had issues.
The last thing you need to determine is whether the drive failed because of a physical fault, or whether it was just a logical/file system fault. The latter can happen due to faulty RAM or the power suddenly going out. You'd be darned unlucky to have a logical problem take out both MFT's. I would be extremely confident that the drive itself is physically failing. If it is, throw it in the bin. If you were convinced it is ok you could format it and copy the recovered data back to it. You need to buy a new drive to recover to anyway, and drives are very cheap compared to time and lost data... if it were me I'd be doing the recovery then wouldn't waste any more time on the old drive - I'd toss it.
You probably know this already, but to prevent data loss in the future your best options are a) set up backup software [the backup built in to Vista/7 is good, is you're using XP a free product like Cobian will do] or b) purchase a second drive and set up RAID 1.