You don't want to Hot Swap in this instance.
The drives are easy to pull & get the ibfo off using another Mac.
Do you have another Mac around? if so, does it have Firewire?
Tough to tell what the problem is, but, does it boot in any of these methods?
C key using the Install Disk?
Does alt key at bootup show boot choices?
Does it boot to Single User Mode, CMD+s keys at bootup, if so try...
Repeat until it shows no errors fixed.
(Space between fsck AND -fy important).
Resolve startup issues and perform disk maintenance with Disk Utility and fsck...
FireWire target disk mode...