Horatio pointed out a flaw in this answer... because in this case the poster couldn't get an F8 menu, his MBR being screwed.
(But if one could get an F8 menu!)
Windows 7 naturally has a repair option. You hit F8 twice and it's there in the menu.
But if you mean a repair installation, which reinstalls Windows overitself, like Windows XP could. Well, Windows 7 can't even do that off the CD, unless you are already in Windows which makes it a bit useless. (Note: Actually I see a 're-install windows' option at the bottom, second picture. Maybe that is like the old repair installation though possibly only works from within Windows).
But a Windows 7 repair, yeah it's built in.
Windows XP has a "repair from recovery console", and you could install it so it appeared in F8 (though you may have had to push F8 twice to get to it). Windows 7's repair is built in the F8 (F8 twice) menu already. And it has a Windows 7 boot up command prompt (equivalent to the recovery console), and it has a repair thing in there. As well as a system restore option and an option to restore from an image.
I once tried repairing a Windows 7 machine off a CD, and I had to get past an error to do it, whereas the internal one, doing F8 twice, and picking repair, worked fine, and there was no weird error dialog box I had to close.
The Windows 7 repair sometimes needs to be run a few times... That is, until it says no errors.