WD Hard Disk fail... for the second time

Hello there people... Just today my external WD HDD failed.. for the second time. When it's connected to power it doesn't get recognised by the OS. I tried 3 PCs with no luck..

2 years ago the drive was failed again and i sent it to WD since it's warranty was still valid. They replaced it with a new one and unfortunately i lost 500 GB of data.

The warranty is no longer valid, so i decided to open up the external case and try to use the disk internally. And it did! I was quite suprised. Windows saw all the folders and files stored inside it. At least until i double clicked a picture i needed. The disk started making a strange noise and after a few second the system didn't recognise it anymore.

I rebooted the system only to find that the system check that is performed during startup (before Windows loading screen) freezes when it comes to identify the hard disk.

I think maybe it's the Disk's head problem.. but i haven't messed around with the "insides" of a hard disk.

What is your opinion? Any ideas? Any help and suggestion is appreciated..

Thank you,
Nick

Edit: Oh i forgot to mention that the disk is a WD My Book Essential 500 GB 1st edition: