External HDD (issues)

I had an old 60GB Samsung USB Harddrive that has served me well for the better part of the last 18 months. It was detectable on my old iBook and my current iMac, but for some reason (it's Mac OS Extended Journaled), my Powerbook and my other Windows computers have never been able to read it.

A few days ago, after updating to 10.4.7, my HDD started to make clicking sounds. It was still detectable.

Today, the entire external could not be detected by my iMac. Coincidentally, the new LaCie Porsche 250GB FW drive that I bought to replace the USB HDD arrived today. I went to MacFixIt and they said it was a problem with .4.7. So I downgraded to 10.4.4, problem still persists. The light on the HDD still alternates between green and red.

What do you guys think? Dead or not?

I have around 30GB worth of movies and work accumulated over the last 2 years with no backups there.

If it's date, any idea how to recover?