Two things you might want to try.
1. wrap the drive in plastic wrap and leave it in the fridge over night. Make sure it is sealed tightly so that no moisture cannot get into it. Have your machine set up so when you fire it up with the cold HD you can get to your recovery program with out delay and start removing your files. This method is only good for a bad bearing or a circuit that is overheating. You may have to do this procedure several times to recover your files, or it quits working completely.
2. if it is a bad circuit board, if you can find an identical drive, very carefully swap the circuit boards. This is the board on the bottom of the drive.
Other than that, I guess it is off to data recovery if the files are worth it.