I'm losing hope.
The drive didn't crash, it would still mount sometimes, and I was able to back-up all of the files on it onto DVDs and onto the internal hardrive. It just won't let me actively use files from it with Ableton of FCP.
Diskwarrior took several hacks at it and it made no difference.
Disk Utility may as well be called Disk Futility.
Yesterday I went as far as updating form 10.3.4 all the way to 10.3.8 as was recomended by some random forum person. Upon arrival at 10.3.8 the drive wouldn't even show up on the desktop when powered up.
I know not what else to do.