Will my iphone Work anymore?

[imans]

hi,all.
So the other night I went to Settings, General, Reset, and Erase all content and settings(?), and a message appeared that will take a several minutes(or hours) for this complete. I did that, and now it has a "usb plug to itunes" picture/logo on the screen and when you unlock the screen, it goes to "emergency call" screen.
When I plug it into iTunes, nothing happens! On itunes window, the only thing that appears is the word "iphone" in the middle of a white screen. I did the recovery mode and same thing, doesnt work. Any suggestions? By the way its a 1st or 2nd(?) generation iphone 16gb.

Help?