Windows 7 KSOD On Login
I have seen this/similar issue and in most cases, the system would return to normal after many minutes. How long have you waited? One case I had took over 45 minutes. You mentioned storage dvices specifically so here is what I discovered.
I found that a USB DVD-R that was connected caused this issue. Unplug and all was well. Same thing with a USB key on a different system.
Never discoverd the real "why" but the fix was to unplug a device. Once booted, all was well and the device could be reconnected.
BTW, have you tried Last Known Good?