Sounds like the drive is indeed bad... Sorry
If you're on a PM G5, the drives are standard SATA I drives that can be bought off the shelves at any computer/electronics retailer. The replacement process is very simple, as well, and requires only a Phillips screwdriver. You will, however, need an OS (or restore) disc to reinstall Leopard. Good luck!
When I get new hard drive and reinstall system software, I will be at 10.3.9. Do you know how far I can upgrade this OS? I think I was able to upgrade before crash to 10.4.11. Can I go as high as 10.5 on this hardware config? By the way, I brought this computer to the local apple store only to have them tell me that they no longer offer support for it and do not have replacement parts. Oh the arrogance of Apple!
Thanks for the input on the drive replacement. I'll look into it.