if it shows up on PC, right click it and select "Properties"
If it is NTFS, the mac will should read it, but won't write unless you have third party app installed. There is one I know of on the versiontracker website called "Ntfs for mac" but it costs money for a license.
if it is Mac formatted, the Pc would not recognize it (unless he has installed some third party program). If this is the case, and the mac fails to see it, you could have a dead drive.
If you connect to firewire, and it stops working, you can probably reset the firewire, i'm not sure if this procedure would work with USB, but you can give it a shot and see if the mac picks it up.
-Turn off the mac, unplug everything. Keyboard, mouse, power cord, and if there is a battery, remove it.
-keep it off for about 10-15 minutes, then re-install battery/power, plug in keyboards, mice etc.. Leave the external drive disconnected at the moment.
-Power the mac on, log in, and then plug in the external HDD. If it worked, it should mount to your system shortly.
otherwise I would think the external HDD failed. This assumes there is no response to both mac or Pc when connected. If it works on only the Pc, I would assume there is something wrong with OS X. If this is the case, I would run disk utility (HDD/applications/Utilities/Disk Utility.app) and check permissions on the mac HDD, then run "Verify Disk" to see if there are any errors.
Beyond that, I don't know how to fix the problem, if there is one. I would probably backup what I can, and re-format under such circumstances.
edit:
as someone said above:
check the "finder" preferences. Someone may have selected not to show CDs, or HDDs in finder or the desktop. Maybe the system randomly set it as such for unknown reasons.
Open finder, select "finder" then "preferences" it will be in there somewhere.