Look back on what you may have had changed on your system. Just the other day I had a program (older) wipe out one of my drives (burners). R click on My Computer, go to hardware, than Device manager & see if there is anything with a yellow & black exclamation point. Chances are your drive will be it. You'll have to re-install the driver (have your Windows disc ready if you have two drives, or if the drive can read a disc.
Could also be the drive died. You could remove the drive after deleting it from manager & seeing if a connection came loose (very doubtful unless you put your hands in there).

Can you get it working by using system restore? You can always undo the restoration if it doesn't work. Keep in mind if there are weeks since than, you will lose any installed updates & program installs till you revert back to current.

I'm taking it that the chip, is a flash memory card from your camera? See if it is locked? Maybe the card isn't being read at all? Does it work in the camera or any other device? Do other cards work on the computer?