Windows and Linux dual boot problems
I used to dual boot windows and ubuntu and ran into the same problem. When you installed Elementary OS, you replaced Window's boot loader with the Linux one, which is called gub. Grub keeps files on the linux partition, so when you formatted it, it no longer has those files, hence the grub rescue command line. The guide below walks you through replacing grub with the windows boot loader.
https://support.microsoft.com/en-us/kb/927392
EDIT: Step one says to "Put the Windows Vista or Windows 7 media in the DVD drive, and then start the computer."
You need to insert your Windows 7 installation CD, and boot from it.
Pressing one of the F keys, commonly F10, will allow you to select a boot device, if it doesn't do it automatically. You have to push it on the motherboard screen, if you see the grub rescue screen, restart your computer and try again.

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