My MacBook Air will not finish reinstalling OS X L ion.

I erased my computer using the Disk Utilities procedure. Then I tried reinstalling OS X Lion using the same Disk Utilities option. It makes it almost all the way to the end of the installation but when it gets to about 3-5 minutes left it stops installing. Eventually it says 1 hour 29 minutes left but never finishes. I've even left it over night with no luck. Any help what so ever would be appreciated. It's a 2009 MacBook Air with no waranty left on it. Also, I've used this procedure once before a long time ago and had no problems at all.