Hold down the option key while starting your iMac
You should see a screen with some imagines of hard drives appear.
Press the eject key to eject the disk, then select your boot partition (likely named "Macintosh HD") and hit the return key.
If you still hear the three beeps, the computer may be unable to access its system memory. Preform the resets detailed in these articles:
https://support.apple.com/kb/HT3964
http://docs.info.apple.com/article.html?path=Mac/10.7/en/mh26871.html
Or try as den.thed suggested if you have recently installed memory into your computer.
If your boot partition does not appear when you hold down option and "Recovery HD" also doesn't appear, or if it does not allow you to eject the disk, you may be experiencing hardware issues. Try the above resets, and if they don't work, you will need to go to your closest AASP or Apple Retail store for service.
Good luck.