Personally I think a problem like that is unlikely to be anything related to the system at all, but simply a case of a hard drive failing. Hard drives are always prone to failing because they are mechanical devices with extremely fine tolerances in them - that's why one is exhorted to Backup, Backup, Backup, and why Time Machine is baked into MacOS X so deeply.
If you don't have a backup of the contents of the drive then you could choose to go through the process of trying to extract the data. The first step that many use for this is to put the bare drive into a ziplock bag with a silica gel sachet then put it into the freezer for about ten hours or so. Then try connecting up the drive again.
If it does work at this stage copy all the data off as quickly as possible onto another drive. If this fails at some point (generally as the hard drive warms up through use), go through the freezing cycle again. You can often get most if not all the data off a failed drive this way. I have personally found this to be very successful in many cases of "failed drives".
If the above does not work there are further steps one can go through - google for them - but eventually if the data is invaluable, it will be necessary to go to a drive recovery company who will charge a fortune to recover the data.
Please note that I do not suggest that the above will definitely work for you, although it has for me, and I relate my experiences without any guarantee or liabaility whatsoever for the consequences. You take the above steps entirely at your own risk if you choose to do so.
If you do get your data back then after that you should backup, bakup and backup again to ensure that you do not lose your data.
One other point to reiterate is that it is unlikely that this is related to the problem that others have commented on in this thread, and also the fact that it is a Seagate drive is not likely to be significant - drives of all makes can and do fail at any time.