MacBook Pro (2006, A1150) fails to boot
When you re-installed the OS, did you erase or repartition the hard drive? The Apple hardware test never found a hardware problem I had with my MacPro so it is not necessarily comprehensive. 

The Verbose message sounds like a "can't read the hard drive at block...." message. Which would mean a damaged hard drive. 

There appears to be some part of the OS that is stored on the hard drive at a particular place that can't be read at boot time. This part appears to be bypassed in safe mode and target mode.

Good luck!