iPod bricked!

Hey guys,
I had been putting off updating the iPod for about a month now. Last night I ran the update and then plugged it into the outlet to finish the process. Now my iPod spins, emits a high pitched sounds, and shows an exclamation icon. repeating this process over and over.

Is my iPod fried? will manually reformatting the drive with disk utility allow me to reinstall the iPod software or will that kill it forever?

Thanks guys,
Rick