I am about to reformat my drive for Bootcamp. I backed up with time machine... BUT

I dont have a working CD drive, there is a cd stuck inside (shop confirmed busted drive, not gonna pay for 300$ repair).
Can someone guide me through the process of reformatting my drive (thus flushing it completely) and having the computer reboot with the Time Machine's backup (which is on my USB external hdd) including getting the initial OS software and all (since i cant put the startup CD in the drive anymore).
Thanks!
I just dont want to have a bricked laptop that wont eat the startup CD

For reference, this is after having made this thread yesterday (where I was unable to repair my internal HDD)
https://discussions.apple.com/message/21444004#21444004

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