Maybe
But don't give up yet. It is normally advised that you don't mix HDDs and CD-ROMs on the same IDE interface cable.
So, first off, put the old HDD on the Primary IDE cable as slave
and make sure that you change the jumper setting to "Slave".
Why not leave out the CD-ROM until you have sorted out your problem?
Make sure that the IDE cable has not come lose on the Motherboard. With all this fiddling about, sometimes the connectors work loose.
If Partition Magic can see the old drive, check the properties and ensure that it is not still "Active". You can use PM to assign drive letters to the the Partitions. Or you can use XP's Computer Management.
I recently rescued data from a "dead" HDD by fitting an identical IDE Interface/controller card. It worked because the cause of death was the card itself not the hardware of the disk.
Let us know how you get on.