Thanks a lot for the quick reply.
I must says these stuff before going through the suggestions. Here I haven't change any hardware. these hardware worked with Leopard , but very slow.
I tried all given options (SMC,PRAM, safe boot) other than booting from the cd came with the powerbook [I didn't get it when I'm buying it

], booting from external install. But finally I did format and installed it, formatted with zero one pass and install, no luck with those and when ever I boot ...question mark is there!...
When I press the Option key...I only get a blue screen, black cursor, and buttons ( I think Refresh, enter)..That is it. When Tiger DVD in there it shows the boot option of Tiger DVD.
I tried one thing which I didn't earlier according to the suggestions. "Repair disk permissions".That returns an error.
"First Aid Failed" - Error : No valid packages
Since I had doubts,,,I connect this hard drive to a linux machine and check it. Linux didn't show any data and gParted(Partition Manager) didn't show any partitions either.... ! I don't know what that means...Thought of posting it...
Oh...one more thing...I formatted this hard drive using linux one time.....But after that I formatted it several times using Disk Utility. Could that be a problem????
Any suggestions would be highly appreciated.