For the most part the drive is done - click of death at startup is a bad thing. There are times that you can power the drive on and off a few times and will be able to pull some of the data off the drive but it will not work for long. Replacement drives in teh 1 TB size are as low as 50 dollars on a popular auction site.

If the data on the drive is vitally important and not backed up on another media, there are services that will retrieve the data off the drive or rebuild the drive saving as much data as they can. The one that comes to mind is located in CA. Let me know if this is something your interested in and I can get his contact information to you