Was the beeping a real "beep", and are you certain this was not coming from your PC? Or was this a "click"? It sounds to me like it may be a disk failure. What's the temp around your PC space? Any chance you can plug this into another PC and see if it's recognized?
If all your attempts with a hammer have brought no joy... have you tried plugging it in to different ports on your computer... It is USB isn't it? Is your computer a desktop or a laptop? Are you connecting via a standard USB port or via a PCMCIA card USB port? Is the beep continuous, regular or intermittent? Is the Hard drive's power supply plugged in properly? Did the problem start whilst you were in the middle of downloading files from a site like eMule? I have had a problem when there has been a power cut that the downloading files all abort and this keeps a regular beeping going from my external hard drive... only way I have been able to clear it is to start deleting download requests till it stops... Would you like fries with that sir?