I was given Gateway GT5014 Media Edition with issues.
When I start the it shows the Gateway screen with F2 Bios and F10 Boot options in the lower right corner. Then it goes to screen that reads:

Invalid system disk
Replace the disk, and then press any key.
(There are no disks in either drive)

I would like to wipe machine clean and set back to factory settings, but Gateway no longer offers support for this model. They do show a list of drivers needed on their website. I do not need any of the data on the machine and would like to wipe it clean and do a reinstall of XP Pro Media Edition Service Pack 3. The problem is I have no cds. There was a Recovery Partition but I surely can't get to it now and I don't know if it has been corrupted. I believe I have key and cd codes if that helps. I can not afford to buy new windows os and would like to know if there are options to save this computer from the land fill.

I would appreciate any guidance.

Try pressing F11 during boot, as sdoon as you see the Gateway logo. Keep hitting it every second or so. See if this brings up a System Recovery screen. If so, follow directions.

F11 has no effect the "Invalid system disk error is displayed.

I think you can still order the recovery cds. See here: Gateway Support - What is Gateway System Recovery?

Also, see what you can do from the Recovery Console. You are going to have to get into BIOS Setup on your computer to set the CD/DVD drive as the first bootable device, so you can then boot your XP CD, unless it provides the ability to press a Fn key at boot time to bring up the boot selection menu. If it does, use that.

How you do this varies with each manufacturer. Normally you press F1, F2, F10 or Del when you see the manufacturers logo. Often there is a clue somewhere on the screen when you boot normally telling you what key to press. Some computers (most newer ones) have a key you can press (often F12) to bring up the Boot Menu from where you can select the CD/DVD drive to boot from.

Since you don't have an XP CD, download and create a bootable CD from the .iso file XP Recovery Console

You don't burn the iso file itself to CD., you create a CD from the iso file using your CD burning software. There is a good freeware burner called ImgBurn which will
do this.

Boot the CD and at the first opportunity, enter R to start the Recovery Console.
Next, choose which XP installation you want to login to. Normally this will be 1.
Lastly you will be asked for the Administrator password. Just press the Enter key as the Administrator does not have a password (unless you gave it one, then you would enter it).
From the command prompt, enter: chkdsk c: /r
Allow it to complete undisturbed. It can take an hour or more depending on the size of the hard drive.

Remove the CD, type exit and the computer will reboot. Hopefully that will have fixed the problem (corrupted file system).

i downloaded Active ISOburner from the above link. Now what do I do to accomplish this "download and create a bootable CD from the .iso file XP Recovery Console"

"Active ISOburner"?

The link I provided is for ImgBurn, not Active ISOburner. For either, the process should be the same.

Download rc.iso from the link I gave you and save it on your hard drive.
Place a blank CD-R in your Optical drive.
For ImgBurn, click on Write Image File to Disc.
Navigate to where you saved rc.sio and select it.
Burn it.

The rest is listed in my post.