I had the exact same problem. Could not access Dashboard, could not connect to the drive via network or anything. After numerous email exchanges with WD Support, I found the only thing they will do is replace the drive via the warranty. Unfortunately, this is no good to me since all of my data is on there, pictures, videos, music, laptop backups, etc. Unfortunately, I had too much faith in the WD MyBook Live 2TB and did not back up onto to anything else.
My MacBook Pro will allow me to re-partion it and format the drive, but again that loses all my data. So, I tried Drill Dr and some other data recovery software, but so far no good.
As a last resort I sent the drive to a Data Recovery company. They tell me the head stack is damaged and firmware corruption. They, of course, can recover the data for me, but it will cost $1,495 to do so.
Is there a way to recover the data without paying $1,495? Can one buy replacement head stacks and fix the drive while preserving the data?