Re: HDD is dead :(
PD, the hard disk might have died because of power surge or a controller problem which is sending some bizzare signals, check that before you plugin new drive. It might be that the controller does not support that (since you mentioned you have old computer)
IF your Hard disk is making noise here is what I do
1. Tap it with your hand lightly, that will position heads back to normal
2. Plug it to Power only and keep it connecting disconnecting couple of times
and then let it connected for a while.
If that will not work then there is no use of reformatting as you will continue to receive bad CRC errors and keep on losing data on it.