Read the manual, so you will know what the different LED colors mean.
If even afterwards you believe you have a bad hard drive, I would do as follow:
-
Access dahboard, see if all is ok
-
backup all my data if possible
-
maybe upgrade firmware if needed
-
reset to factory default is needed
and last, if you need to get the files, or recover the OS, or even replace the hard drive. Follow this guide, there are two versions.
http://community.wd.com/t5/My-Book-Live/GUIDE-How-to-unbrick-a-totally-dead-MBL/td-p/435724
