I think your situation is similar to one I had a few months ago - drive (external) was rendered unreadable or corrupted through self infliction (i started a RAID mirror on it accidentally).
Anyway, if you want to try to extract data from it - follow luciferase75's tips on connecting it directly to your computer. THis will help for speed purposes for the following:
I used "Recover My Files" to get about 98% data from my drive. It is pay software, but I find that it works extremely well and only has a moderate learning curve -
Data Recovery Software to Undelete Files; Disk recovery; Recover Deleted Files
Alternatively, and suggested in the linked thread, is PC Inspector File Recovery
CONVAR & PCinspector Data Recovery Datenrettung recupero dati datarecovery rcupration donnes - It is free, and I imagine it would work just as well as Recover My Files.
The above tools will help you transfer stuff from the non-functioning drive to your live system. You can then replace the external drive with another one so you can use it from that point forward.