So, when I left the system last night I was able to boot up the Leopard installer from the external drive no problem. I spoke to all the guys at work and from that I planned my method of attack. I borrowed a second external drive and decided I would install OSX onto that, and then with a huge amount of luck I'd be able to see the faliling drive from within the OS.
Obviously some schadenfreude force saw fit to put an end to that idea, so now I can't boot up the Leopard installer from the external at all... It loads for a bit, but eventually the Mac nonchalantly switches itself. This is infuriating! Especially so, considering I don't have any dual layer DVD's from which to burn a psychical copy from.
The saga continues...