First thing to do: put the drive in an external enclosure or connect it via a USB2 to SATA/IDE cable to another PC.
Then see what happens if you run recovery tools mentioned in http://forums.cnet.com/7723-7588_102-354911.html
But I'd say the prospects are bad.
I have a 5 year old Dell Inspiron laptop that will no longer boot up to Windows XP. I get a black screen that says "No bootable device" and when I run the diagnostics, I get error codes of 2000-1042 & 2000-0146 (hard drive problems). I have some pictures and video on the HD I want to retrieve and am looking for a cheap way to do that. Is there any software (Spotmau, etc.) that will retreive my data or any other things I can do short of taking it for repair (I'm buying a new Mac to replace the Dell)?