My advice would be, and take this for whatever it is worth.
Option 1.
Boot into recovery, power off the phone press and hold the volume down and up button and press the power button. Once you see black screen and white letter, press volume down to go to recovery and volume up to select it. Once you see the Android guy with the open chest press the volume up and down button, this will get you to the recovery menu. Once there volume down to wipe cache and press the power button to select it, once that is done reboot the phone.
Once you are at the phones main menu, read and follow the instructions in this thread.
http://www.droidforums.net/forum/droid-razr/213197-offical-ota-zip-installation-guide-droid-razr-razr-maxx.html
Doing this "should" get you to ICS as long as there are no other problems that we are not seeing.
Options 2:
If option 1 does not work for whatever reason you can download the 1.7 version of the Razr Utility, this is done with the consideration that you still have the update zip on your external Sd card that you downloaded using option 1.
Extract the 1.7 Utility fully to the root of the C Drive and run the bat file to load it. You are going to want to run option 2 and follow the instructions exactly as they are laid out in the Utility.
There is going to be a point where you are going to see the little Android guy and it is going to say loading files and a status bar, this is VERY important that you let him do his thing and it will reboot to a black screen (this is normal don't freak out). Once that happens just do a hard reset again by holding the volume down and the power button, as soon as the screen flashes hold down the volume up and down button to boot into AP fastboot mode and continue to follow the instructions.
Now this is just my opinion what I "think" would get you working, but take it how you would like because if something goes wrong I don't want your phone to brick. Which I don't think it will because I myself have done both of these methods and they work just fine, they are just a matter of following the steps exactly. So if you are worried about that then maybe wait and someone else on here will have another suggestion.
Sorry I am at work right now so if there are some spelling or grammar errors I am sorry, or if something does not make sense let me know and I will try and help in between helping other customers today.