did you try to start it without the micro sd card ?
but i think it sounds more like a "real" problem ->
since it's a BB5 Phone that uses the NOKIA CA-101 Data Cable - you could "easily" try to flash the software on your own.
many phones had the CA-101 Data Cable in the box - if you have it, you could try to update it on your own (if you don't have it, you could get a fitting cable für 2 or 3 dollars (sony ericsson android phones, motory defy & RIM phones are using the same connector type and they work also on nokia's.
BUT - you cant flash the software with the regular nokia updater that program only works on "living" phones.
dead phones must be flashed with other programs like JAF.
with your error description - i would say that the phone memory is faulty and/or the phone has a fluid damage (many BB5 phones died after a fluid damage - the problem was almost always the phone memory.
if the phone memory is "gone" - the phone is most likely gone too - there is no way to fix that problem without the proper tools, knowledge how to use them and the spare parts!