For that problem, Try first replace that internal DVD-rom drive other good internal DVD-rom drive. if not Also Detected or recognize.
Try this second solution. insert external USB type DVD-ROM.
if not recognize also, Your operating system
Have internal software device data corrupted. You need to reinstall operating System like windows xp, windows 7 (OS) etc.. to fix data Corrupted of operating system device for hardware software.
Please see sample external DVD-rom USB type
Just let me know if not yet working your Compaq Presario 700 series DVD-rom Drive.
Thanks for using Fixya.