Short of getting carried out of elo hell there are things you can do to get yourself out of it. In season 1 I did pretty much the same as you: played Ranked while I still sucked, and tanked my elo down to low 800s before figuring out wtf and getting myself back up to 1100-1300 range which is generally where I sit these days. So I'm still not the greatest player but I can definitely offer you some insights based both on personal experience and on the opportunities I've had to watch the top players play.
The primary way of successfully getting yourself out of elo is learning to jungle. Now that doesn't mean learning to kill jungle minions in a particular order instead of last-hitting in lane. Jungling can be a complex activity that requires a great deal of understanding of what is going on in the game, knowing what your lanes are doing, knowing when to gank/not to gank/which lanes to camp/ignore, when to invade and when not to invade.
That said, at 700 elo people will mostly not know wtf with junglers so you will be able to terrorize the game constantly.
First off the thing you need to do specifically for escaping elo hell is picking the right jungler and knowing how to build him. WITHOUT FAIL PICK AN INITIATOR THAT YOU CAN BUILD TANKY AND STILL DO DAMAGE WITH. This is because in the team fight phase your 700 elo bros will not know wtf about proper focus other than HIT THAT GUY THE OTHER GUY IS HITTING. So basically if someone besides you is starting team fights they will herp derp onto the malphite and you will all die, so it is up to you to initiate fights and survive long enough for the other team to die (pro-tip: initiate on their carries).
I can tell you now that the absolute best jungler for dragging yourself out of elo hell is Warwick. Yes, he doesn't have great presence before six, but he is jungling ezmode, at 6 his ganks GUARANTEE a kill and you build only wriggles for damage and the rest of the way build tank - wits end, randuin, banshee and then either frozen heart or Force of Nature situationally (boots rounds out his build, always build merc treads). I literally earned 400 elo playing with Warwick in ranked. It does get to be a bit of a grind but you want to escape elo hell, right?
Another specific note about jungling at low elos: you need to know which lane is going to fail and you need to prevent it from failing. THIS IS YOUR JOB. Often top will be 2v1 because lol meta on the other team, so you will need to pay special attention there if the guy is a nub. As jungler you can kill buff camp and hit level 2 before top hits 2 so get the buff and head top, ping the squishiest dude there like crazy and then gank the **** out of him.
Then, at low elo a game can often be won by simply putting one lane in the game so far behind that when team fights come you just laugh. So don't feel bad about camping the **** out of mid or top or bot, just constant attention to put one of their carries behind so that when team fights come and you initiate on another carry, the one you've camped is so far behind he does ****all damage and you are set to win every fight.
Finally, learn to counter-jungle. You know when they are going to be going for their own red buff, because its about the time YOU would be going for red buff. At low elo you can almost guarantee a kill on their jungler, and if not get a free buff, simply by heading to the enemy red instead of to your own. Stand in the brush, wait for him to start, kill him and take the buff (pro smite option included).
Oh, and if you don't like jungling, either change your mind or find a duo partner who does.
Posted on Tuesday, 24th July 2012