If you can't boot from cd. Buy a used floppy drive and hook it up. Your compaq probably came with floppy recovery disk , because it has a hidden recovery partition on the hard drive. Or use a win 98 boot disk to fdisk then format and reinstall. I say this because your floppy is hooped? A used one is about $ 10.00 canadian. Then change to boot from cdrom. But try Delphin's suggestion first you should be able to change boot order from bios . Enter bios? http://www.burningvoid.com/iaq/compaq-bios.html
Edit: Compaq 's are funny some are press f10 , f11 or ?