The ghetto fix is to use an RS232 to TTL adaptor and send a few commands through a terminal, as what has been posted on several websites. They have better guides on how to fix it, but I can give a run-down of the essentials.
First of all, you need a computer with an RS232 port. These usually exist on older computers as it's mostly replaced with USB these days. It's basically a 9-pin port with 4 pins on top and 5 on the bottom. If your computer doesn't have one, you could get a PCI adaptor or you could use a USB to TTL adaptor instead, though there are no guarantees that the latter will work. I prefer to go native with RS232 because then there are less things that can go wrong.
Other bits you will need is a RS232 to TTL adaptor, a Torx-6 screwdriver, a few jumpers (I improvised and used some as headers), some jumper wires, and if you don't like the idea of chopping up a SATA power cable, a CR2032 lithium battery and socket.
First of all, you should do a loopback test to make sure the RS232 to TTL adaptor works. There are other guides that tell you how to do this, but it's quite simple. You should not have your hard drive connected to anything at this point. Basically, short both the RX and TX together with a wire. Then connect +5V to the positive terminal of the battery, and GND to the negative terminal. Then plug in the adaptor to the RS232 port of a computer and start a terminal session. I used PuTTY for this, but you can use whatever you want. Just make sure to turn local echo off, otherwise your commands will be displayed twice. Also set Baud to 38400, Data Bits to 8, Stop Bits to 1, Parity to None and Flow Control to None. Then once you start your terminal session, type a few things and if you can see what you have typed, the adaptor is working.
Once you know the adaptor is working, you can move on to do the real thing.
It's preferable that you use two computers to do the fix. That way you can hook up the hard drive to the SATA power of one computer while connecting it to the RS232 port of the other. It makes it easy to power cycle it then. I ended up digging out my old Pentium III to use the terminal with, and used my main computer for the power.
First disconnect the wire shorting the RX and TX together. Then connect the RX to the TX pin on the hard drive, and the TX to the RX pin on the drive. Then plug in the SATA power cable from the other computer to the hard drive, but don't plug in the data cable. Also make sure you have a piece of card that separates the motor contacts.
Now everything should be connected up. Turn on the computer that is powering the hard drive, wait a few seconds, then start the terminal session. You should see a F3 T> prompt appear. If you get this, you are good to go, and you should be able to follow the other guides posted around with relative ease. If not, recheck the connections to see if it's all connected properly. When you are told to cycle the power for the hard drive, just turn off the computer that is powering the hard drive, wait a few seconds and then turn it back on again.
After typing the right commands in the terminal, you should be able to simply put the hard drive back in your computer. If all went well, you should even be able to boot from it as if nothing ever went wrong, and all your data should still be intact.
Again, good luck on this. It's a bit of a headache, but it will all be worth it in the end if you succeed. And remember to update the firmware from the Seagate website once you have all your data backed up, so the firmware won't brick the drive again later.