First don't worry too much you're just stuck in a loop or have bad firmware (most likely). The fix is probably going to be easy but you have to do some things. Just follow the directions I give and that Velocity gives and you should have no problems in about half an hour.
Take out the top SD card. Put in in your computer or an adapter that goes to the computer.
Go to the cruz website and download the current firmware (http://cruzsupport.velocitymicro.com/ics/support/KBAnswer.asp?questionID=814
Even if you have updated the ROM something could have happened and it could be corrupted so replace it. Put that firmware on your sd card. Do not extract the zip file. Do not change its name. If the name changed (like if it has (01) at the end) delete the old file you downloaded and change the new one back to the old name.
Eject your sd card when you finish and put it in your tablet.
Press the top power button and the up volume button at the same time. Continue holding. You will see cruz but dont stop.. it'll flash kinda and it'll still say cruz.. keep effin' holdin'...
the robot shows up: you win! let go relax give it some time to freshen up. Have a cup of coffee and let it finish. Everything will be tidy and new when it's done.
the robot doesn't show up and the same thing that's been happening happens again: try pressing reset when it turns on (paper clip in that hole youll feel a button when you get it right). Keep pressing it the whole time it has power to try and get a hard reset. Do it like 2 or 3 starts and fails just for good measure.
then try to flash again (power and volume up).
if that doesn't work pull the back, unplug the battery and wait 30 seconds to a minute. plug it back in and try flashing the first time you start up. like don't press power hoping its going to turn on now. It won't. You have given it a clear quick access memory which may let you get to the point where you can flash without failing.
IMPORTANT: On the first time after the battery is plugged in hold power and up volume together and keep holding. This is important. If you press power it will recurrupt the RAM and you made the back lose and unplugged the battery for nothing.
If that doesn't work.. well it should. You're stuck in a loop that you should be able to pull out of. Go back the the beginning and make sure you have the new file you downloaded and the name is correct (its on the cruz support website).
If that's all done properly try the battery thing one more time. If it's still failing don't give up.. give it hell. I was stuck in a bad one going strait to white screen only being able to shut it off by pulling the battery and I was able to get it to flash (took about 30 tries). For the trying at this point you don't have to pull the battery just keep starting it with power and volume up pressed.
As long as you're not staring at a black screen you should be able to fix this.