No but it might save your card
Option 2 is send it to a data recovery company, who claim they can recover the data from these devices.IF you can access it from the PC, then you could try a scandisk...Do you have any other devices which take a MMC card (iPAQ for example?). If so, pop the card in there and see if you can access the files, get them off, then format the card. If you cant format, delete all pics, then see if the card is readable on the PC, and run a format from the PC...