Storage Solutions External Hard drive Kaput !

Finally my trusty old Maxtor 160 GB external 2.5" went kaput yesterday and whenever i connect it now, it says the drive needs to be formatted to be used again, i haven't formatted as i need the data on it. Anyway i can recover it ?
 
My suggestions from 1 to 5 - 1 to 5 - in range of their effectiveness.

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Cheers.
 
Thank you thetechmind and sibot

screet and beep(kind of) sounds are coming from the hard drive from some days, does this mean it is about to die ? even the warranty is over :( any DIY to repair it ?
 
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