There is one way that you can try at home. See if you can get the PCB for that same drive. Sometimes you can get those from ebay.com and even other sources. You may have to do a comprehensive search based on the model number of your drive. Once you have it, replace the PCB and start to recover the files. This will only work if the failure of your drive is caused by an element on the PCB. If it is caused by an internal part, i.e. Platter, read/write heads, or the head actuator, you wont fix it at home. There is also a possibility that it could be the drive motor. The only other way would be to recover your files through one of the many commercial services. This is usually costly and would depend on the importance of your files. Hope this helps to get you started in the right direction.
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=== Update (11/24/24) ===
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Just an update to this 12 year old answer, for those people that have never done this but want to give it a try. First off, you will need the identical PCB that your current drive has. Next you need to locate the controller board BIOS IC. This BIOS contains the unique configuration data for this drive. Without changing it the files on the drive cannot be recovered. You need to replace the BIOS IC on the replacement board wit that from the failed drive. Check this guide [guide|67695] for instructions about change the controller board.
There is one way that you can try at home. See if you can get the PCB for that same drive. Sometimes you can get those from ebay.com and even other sources. You may have to do a comprehensive search based on the model number of your drive. Once you have it, replace the PCB and start to recover the files. This will only work if the failure of your drive is caused by an element on the PCB. If it is caused by an internal part, i.e. Platter, read/write heads, or the head actuator, you wont fix it at home. There is also a possibility that it could be the drive motor. The only other way would be to recover your files through one of the many commercial services. This is usually costly and would depend on the importance of your files. Hope this helps to get you started in the right direction.