I don't have experience with the same drive. I did a quick Google which suggests this is by LaCie and it's RAID0???
If that's true, then you're probably quite screwed beyond belief. People selling RAID0 kit should have their knackers cut off.
On the offchance the drive is OK, I've recovered data from a RAID5 array with a bad drive in a unit that wouldn't rebuild using third-party software whose name I can't remember right now. The drives were removed from the RAID device and attached to a PC, and the software did its thing over the next 4 days... The software cost something like $70. Getway has something similar, costing $180 (caveat, never used them) but you can try before buy: the trial will show you what can be recovered.
If you think one of the drives is genuinely blasted, in the past I have swapped the driver controller from a known functional drive long enough to recover the drive.
I think I'd attach the drives to something else, use RAID recovery software in demo mode, and see if it offered any light at the end of the tunnel.
Alternately, you could just buy a new unit and recover from backup...
EDit: OK, I re-read the specs: this thing does RAID0 if you add more units? So I guess you've a single drive in yours? Anyway, I'll leave what I wrote in case there's anything useful in it. Check out R-Studio stuff, again try before buy.