Recovering or Accessing an External HD with I/O boot error

I was wondering if anyone can help me.

I have a Toshiba 320GB External HD. It was my second backup. My first backup drive was pilfered from my bag and I planned on using The Toshiba to create a new backup.
When I plugged it in it gave me a I/O boot error message. I bought it a little over a month ago from the Geek Squad people at Best Buy, who did the back up. They told me it would cost $1000 to recover from this drive. I almost dropped.

Is there anyway I can get this thing readable again? The drive fires up, but just doesn't read.

Thank you

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More about recovering accessing external boot error
  1. Try this:

    open up the cmd prompt

    I haven't had this happen with Win 7 so I'm not sure about that one

    older version of windows select RUN from start menu and type cmd

    from there type "chkdsk X: /f" no quotes and replace X with whatever drive it is.

    It should perform a scan and once complete should work just like new!
  2. No joy...said my FAT 1 is not readable.
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