Getting a Red "X" on startup screen (iPod Classic- 80 GB)

So it's been a while (3-4 years) since I last used my iPod Classic. But now when I wanted to start it up (after fully charging it), it 'greets' me with a Red "X". I saw the support thread for this issue, tried troubleshooting but to no avail. I've forced the iPod into 'Disk Mode' and tried connecting it to the computer (to restore the iPod) but as soon as I connect it, iTunes stops responding. My laptop detects the iPod (because I can hear the notification) but in My Computer I can't access the iPod (because when I try to do that Windows Explorer crashes). I tried reinstalling iTunes (current version- 11.1.4) but the problem still persists.

Please Help!