I really love this girl and I don't know what to do.
For over a year now I have been madly in love with the most perfect and beautiful girl I have ever met. We are good friends and talk often. Recently my feelings for her have been getting out of hand, I have started to feel majorly depressed and have started to isolate myself. There have been times over the past weeks where I have harmed myself by scratching my arms until they bled, BUT, I am recovering from this state, however I was always, and still am constantly thinking about her no matter what I do. Knowing that I couldn’t go on for much longer with these strong feelings, I finally got the guts to ask her out. I understand the concept of Yes and No, but when I asked her, her reaction gave the impression that she was glad I came forth and asked her, she said that she wasn’t ready for another relationship since her last one ended badly. I post this is because I am unsure what to do next, should I wait an appropriate amount of time and try again, or should I just accept the scenario?

You shouldn't do neither of those. The question you asked is quite serious and its often impossible for a girl to answere with yes or no. What if she doesn't know, I mean you asking her to be your girlfriend, mate. Its not something she can decide in matter of minutes. What you should do though, is to take her out somewhere, spend some time with her. Most importantly don't push it, enjoy the time with her and be patient. Show her that you enjoy her company, that you care about her, not that you have some demand of a relationship. It should come naturally.

Good Luck