It appears that your drive has sustained an overvoltage on the +5V supply.
I believe the red component is an inductor. Its function is to filter the supply. You can replace it with a wire link. However, you will find that a 5V TVS (transient voltage suppression) diode has shorted. This should be the leftmost of the two diodes at the bottom of the photo. The rightmost diode is the 12V TVS diode.
Remove the shorted diode with flush cutters. The drive will work OK without it, but it will no longer have overvoltage protection on the affected supply. Be absolutely sure your PSU is OK.
If, for continued protection, you wish to replace the diode, then a 5V TVS diode can be substituted with an SMAJ5.0A, and a 12V diode with an SMBJ12A. They can be ordered from Farnell, Mouser, Digikey.
If the drive has sustained additional damage, and you wish to replace the board, then you will need to transfer an 8-pin serial flash memory from patient to donor. This chip stores unique, drive specific information.
If you need help to identify any component, post its markings, or refer to the following URLs:
http://hddscan.com/doc/HDD_from_inside.htmlhttp://www.users.on.net/~fzabkar/HDD/HDD_ICs.txthttp://www.users.on.net/~fzabkar/HDD/TVS_diodes.txtThis vendor offers a board for US$40 plus $10 for a ROM transfer:
http://www.onepcbsolution.comHere is another:
http://www.hdd-parts.com/seagate-barrac ... -sata.html