My passport crashed...Hardware or software problem?

Please help, My western digital my passport essentials has crashed. It was working just fine, but suddenly crashes. Light is glowing and motor is vibrating, device manager is also showing it under hard drives, but it is not shown in ‘My computer’.
After few minutes of plugging in windows ask whether to format it, and then there is ping voice like we get when we connect a USB to computer. This cycle goes on and on.

Device is under warranty but data it contains is really really precious. It contains very important design documents, photo collection of 10 years and much more.

Plz help guys, any help would be appreciated.

Regards

Does it show in Disk Management and what OS are you using?

Joe