You don't have to have 80% of the blocks go bad. Just enough to corrupt the file table. So yeah, it's possible.
As an FYI, I've used hard drive recovery services at work on failed drives. Anecdotally we've paid between $2,000 and $8,000 for drive repair.
Using fsck with the -N option should prevent it from making any changes. There is also a -n option, though I'm not sure what the difference is between the two. I would verify that fsck for your fileystem has the -N option and give it a shot (probably with -V too).
If I was your mother, I'd be telling you that you should've backed up like I told you too.
Good luck.
-fudam