I would consider sending your hard disk to a reputable company to avoid further damage to the drive. Have you tried to scan the drive with MHDD? what are the results?
To replace the chip you would need a heat gun (
http://www.action-electronics.com/grc/we6966c.jpg) and a good pair of tweezers. the chip you need to replace will be the only chip with 8 legs on it (here is a picture and the chip has 4 legs either side and is at the centre of the PCB:
http://xbitlabs.com/images/storage/wd-raptor-x/p5s.jpg )
i have given you some help but if you value your data I recommend you send your hard drive to someone who has experience with this.