Hi there CindyAnne,
Initialization could be data destructive, so you should not try to do that.
I will start with that your safest bet of recovering the data is to use the services of a data recovery company.
After you get an I/O error, my guess would be that there is something wrong with the enclosure. It will not hurt to try the drive with another USB cable though.
As WD Elements is not hardware encrypted, you can try taking it out of the enclosure and connecting it internally via SATA. Then, you can check how it shows up in Disk Management(whether it has healthy partitions, file system, etc). You may need to use some partition recovery software. Just keep in mind that taking the drive out of the enclosure will void the warranty.
WD's Data Recovery Partners:
http://products.wdc.com/support/kb.ashx?id=0t8iy7
Hope this will help,
D_Know_WD