First try repairing the drive, not verifying it:
Repairing the Hard Drive and Permissions
Boot from your OS X Installer disc. After the installer loads select your language and click on the Continue button. When the menu bar appears select Disk Utility from the Installer menu (Utilities menu for Tiger and Leopard.) After DU loads select your hard drive entry (mfgr.'s ID and drive size) from the the left side list. In the DU status area you will see an entry for the S.M.A.R.T. status of the hard drive. If it does not say "Verified" then the hard drive is failing or failed. (SMART status is not reported on external Firewire or USB drives.) If the drive is "Verified" then select your OS X volume from the list on the left (sub-entry below the drive entry,) click on the First Aid tab, then click on the Repair Disk button. If DU reports any errors that have been fixed, then re-run Repair Disk until no errors are reported. If no errors are reported click on the Repair Permissions button. Wait until the operation completes, then quit DU and return to the installer. Now restart normally.
If DU reports errors it cannot fix, then you will need Disk Warrior (4.0 for Tiger, and 4.1 for Leopard) and/or TechTool Pro (4.6.1 for Leopard) to repair the drive. If you don't have either of them or if neither of them can fix the drive, then you will need to reformat the drive and reinstall OS X.
If the drive is not repairable in any way, then you can look into recovery software:
General File Recovery
If you stop using the drive it's possible to recover files that have not been overwritten with recovery software such as
Data Rescue II,
File Salvage or
TechTool Pro. Each of the preceding come on bootable CDs to enable usage without risk of writing more data to the hard drive.
The longer the hard drive remains in use and data are written to it, the greater the risk your files will be overwritten.
Also visit
The XLab FAQs and read the FAQ on Data Recovery.
If recovery software doesn't work, then you would need to send the drive to a data recovery service which is very expensive.