Are you, by chance, using this in an external enclosure? I had the same problem occur not too long ago with a BenQ drive, turns out the enclosure took a power spike and wasn't working properly any more. New enclosure = working drive again.
Other options - yes, your drive is dead. Could be your ide controller. If you can, try swapping out the cable and ide channel on the motherboard. Then, via process or elimination, you'll need to reinstall windows and all your device /aspi drivers again to be 100% sure it's the drive.