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your hard drive is dead, if its 3 years old, your lucky to get that much life out of it these days. that high pitched noise is usually the harbinger of death, i have heard it many many times. go to the manufacturers website and see if they have a HD test utility, run the test to be sure.
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Unfortunately it probably did die. But that's just a weird coicidence because my other hard drive (before I bought my newest one) died about 3 weeks ago. It's weird they would both die right around the same time especially since they were bought at different times and they were different models/brands. You mentioned that these days 3 years was a long time for a hard drive to live. To me that's just not right. I hope you are overexaggerating because 3 years is not a very long time. Why do the hard drive companies make them with such terrible quality that they can't even last more than a few years? That's really wrong, especiall for people who don't back up their hard drives (which is probably a LOT of people).
Overall for me it's not a huge deal as there was currently nothing on the hard drive and it was only an 8gb hard drive to begin with. But I'm still mad that all my hard drives are dieing at the same time. It kinda makes me feel like there's something wrong with the whole computer.
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What brand and voltage is your powersupply?
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I can't recall what brand it is. It came with my case. The brand of the case is Codegen. The power supply is 350 watt.