Grab CATEGORY post and spit it out on the page.

Can someone please get me started with proper way of writing this loop?

<?php while (have_posts()) : the_post(); ?>
<?php query_posts(“posts_per_page=1&cat=7”); ?>
<?php endwhile; ?>

This doesn’t work.

Here’s what I want it to do:
I want it to grab the most recent post from category 7 and spit it out onto the page. Ideally, I would like it to only grab the image and title of the post. Chris Coyier’s video tutorial about The Loop apparently did not help me at all.