Unable to run machine in virtual box

Hello,
I am having a problem by using virtual box. I have not used it before and after installation and configuration. Whenever I tried to run the machine, I was greeted with the following error.
Failed to open a session for the virtual machine Windows 7.
The virtual machine ‘Windows 7’ has terminated unexpectedly during
startup with exit code 1.
Details
Result Code: NS_ERROR-FAILURE (0x80004005)
Component: Machine
Interface: IMachine {662c175e-a69d-40b8-a77a-1d719d0ab062}

My system is Intel core I 3 with 2 GB of ram and 500 GB of hard disk. I am using fedora 15 as an operating system. The virtual box machine is windows 7,and the installed operating system on it is windows seven professional trial.
It is very important to run it, as I want to test some of the software performance on windows and Linux and have to prepare a comparison report on the differences of performance on both machines.
On my spare computer I am using Fedora 16 but when I try to start Windows 7 virtually using Virtual Box I am confronted with these errors:

Failed to open a session for the virtual machine Windows 7.
The virtual machine ‘windows 7’ has terminated unexpectedly during startup with exit code 1.
Kernel driver not installed (rc=-1908)
The virtualBox Linux kernel driver (vboxdrv) is either not loaded, or there is a permission problem with /dev/vboxdrv. Please reinstall the kernel module by executing
‘etc/init.d/vboxdrv setup’
As root. Users of Ubuntu. Fedora or Mandrive should install the DKMS package first. This package keeps track of Linux kernel changes and recompiles the vboxdrv kernel module if necessary.
I have looked all over the internet for a solution, but I can only find obsolete information that is of no use to me. I'm running the most up to date version, 4.1.12.
Any ideas?
As a side note I managed to get QEMU to work I a minimal fashion, once I get past the Windows screen there is an error, it then proceeds into a loop which can only be broken by a forced shutdown.
I then tried XEN which allowed me to get a little further. When I click the install button it just stays on the Windows screen with the loading circle that keeps on going round and round.
Edit: VT enabled.
Kindly help me in this regard.
Thanks.
