You may have a file system problem and not one with the drive at all. At least that is the way I read the errors you are getting. Wont hurt to test it with the WD tools though. If it fails replace it.
With a hard drive that old I would not be surprised if it on the verge of failure as well.
You might try backing up your data then FDISK the drive and delete the partition and recreate it.
A reboot must be done after deleting the partition and after recreating the new one.
Then format the drive and reinstall.
If the system has not been reloaded in many years you are almost guaranteed of file corruption of some sort.
One thing I must point out is if you end up replacing the drive, yours uses an IDE interface and will not work with the newer SATA standard. IDE drives are getting harder and harder to find. If you find a good deal on one I would buy it just to have on hand.
Also, The system BIOS may have a limit on the hard drive that it will accept, as Platy mentioned
Could you please post the make/model of the system.
Edit: I just looked up the specs on your drive and WD reports it as a 2.5 megabyte drive. You are almost assured that it is at the end of its long life.
Edited by Eyesee, 12 November 2011 - 08:40 PM.