Welcome to LQ,
Sorry to announce you that your disk died. But first thing first, FC3 is 8 years old, it is end of lifed and full of visious security issues. Fedora is supported for 18 months after each release and the current one is Fedora 18. Once you get a new hard drive, please install a supported Linux distribution. If you plan to install something and leave it alone for a decade, use CentOS, as it will get security update until your next disk will die.
Hard drive can "die" in a few way. One is plain aging, where the disk run out of emergency sectors to replace the broken one. This is probably what happened to you. If you had enabled SMART disk monitoring, you would have been warned many months prior to the fault.