Problems with iomega external drive

It does sound like you've the fabled CoD. Short answer is NO, there is no way for your average home user to fix it. You might find a few articles that suggest freezing your HDD (wrap it in a plastic bag, freeze it for 4-6hours hook it up and try) but it's a very long shot at best.

The other one I have used, admittedly for a slightly different issue, is to hold the drive about 4" above a desk and then drop it! Yes, seriously, drop it flat onto a firm surface. It can sometime be enough to get the drive up to get the data off. It's not one people use nowadays but on very old HDD's it was sometime the only way to get the heads to move again. It MIGHT and I mean MIGHT just get you going... but it would be a last ditch effort in my book. Please don't try this until you've done a bit more research though.

If you have lots of data that you need on it then you could look at taking it to a data recovery firm. This is however a very expensive option and unless the data is truly special and non replaceable then almost certainly not financially viable. If going this route then for heavens sake don't try the home fixes first, the less you mess the easier (read cheaper) the recovery process would be.