How to fix iPhone 2G itunes restore error 23

Hi.
I have had this iPhone 2g for a few years now. About three years ago my iphone 2g had displayed that there was no sim card while I knew my sim card was in there. I tried to restore and everything went downhill. To make a long story short, my iphone was unable to restore. No matter how many time si tried to restore it, i always got the error #23. Specifically it says:
"The iPhone 'iPhone' could not be restored. An unknown error occured (23)."
Now, itunes wants me to update my iphone firmware as well as restore it. I am not sure if this is contributing to the problem or not. Currently the iPhone is running 3.0.1 firmware.
I have tried using Recboot to exit recovery mode, but then the iphone is stuck on the apple logo forever.
Is there anything I haven't tried yet? Is this a fixable thing that I don't have to take to the genius bar or replace a part?
Please, if you can help, it woudl be greatly appreciated.
Thank you

Hi Collett.cm,
This article mentions the error code -1:
iTunes: Specific update-and-restore error messages and advanced troubleshooting
http://support.apple.com/kb/TS3694
Error -1
Attempt to restore your iOS device two more times. If the issue is still unresolved, the device may need service.
This article also has instructions for restoring, in case they are useful:
iTunes: Restoring iOS software
http://support.apple.com/kb/ht1414
Have a good one,
- Ari

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