Hey guys, thanks for your replies and help.
I'd like to update on the status of this issue as I managed to SOLVE THIS PROBLEM and I can now access all the information that is on the disk again and will proceed to back it up before I format it and re-install the OS again

So, what happend in a brief was: I had Ubuntu v9.10 installed that one day crashed unexpectedly, resulting with the hdd being set to "frozen" status and locked access. I posted this issue here and I was almost ready to give the disk to a restoration company or have it replaced.
The solution was very surprising - I downloaded Ubuntu v10.10 and burned its ISO image to a CD and i was running it from the CD just to check out how it looks, where SUDDENLY: IT RECOGNIZES MY HDD AND GIVES ME *FULL* ACCESS TO IT!
!!!!
So the solution was to run Ubuntu v10.10 and now I have access to the hdd again.
It's surprising, but I hope this solution will help other people who have/had the same problem.
How do you guys explain this?
Anyways, thanks for the help
Miki