I mistakenly formatted my portable mp3 player (ipod) thus It keep displaying error in disc on the screen each time i switch it on and try to access it. Please what can I do.

Have you tried restoring your iPod using iTunes? Plug in your iPod to your computer and open iTunes. Click restore

Sounds as though you will have to get a new hard drive, and reinstall it. Sounds to me like your drive has gone faulty. here is a link to help you do it.
http://lifehacker.com/145370/how-to-replace-the-hard-drive-in-an-ipod

DID you try to reset it before you restored it:
Before beginning plug your ipod into your pc :

1: Toggle the Hold switch on and off. (Slide it to Hold, then turn it off again.
2:

1. Toggle the Hold switch on and off. (Slide it to Hold, then turn it off again.)
2. Pressand hold the Menu and Center (Select) buttons simultaneously until theApple logo appears, about 6 to 8 seconds. You may need to repeat thisstep

If there was any driver whit it install it or search the net for a suitable driver

You could try Wondershare Video Converter Platinum, it could help you switch your videos to different formats between all popular Video formats ( AVI, MKV, MP4, WMV, FLV, MPEG etc.) that support all popular portable media players (such as Zune/Zune HD, iPod/iPhone and PSP) and the latest iPod Nano 5G, iPod Touch 3, iPhone 3GS/OS 3.1.

If you can, the best test is to try your player with another PC, to see if you still have the problem. This localises whether the problem is with the PC (most likely the USB) or the player. See the link below (search on "connection problems") for a lot more troubleshooting on this.
go to my computer > click on hardware tab >
click on device manager button > in the is next screen on the bottom should have>>universal serial bus controllers
(write these down just in case it cant find them)
right click on them and uninstall, reboot let windows reinstall them

ok go to my computer right click format then use itunes which will reinstole settings or one from snoy?

i suggest formatting the player then restransferring the songs back to the player. :D

You posted an iPod question in the PSP section. I recommend posting your question in the iPod section of the site.

Also, please re-word your question to be more clear. It's hard to understand what your exact problem is from the description.

make sure the music flie is mp3