FWHD problem to be solved?

[Wki1000 at aol.com]

Help
I was importing files ( about 15 clips) from one imovie project to another 
from a FWHD to my regular HD  when a sign came up saying clip #12 was not 
able to be imported because there was something wrong with it. 
So, I tried to reboot and now get a message that says my Mac can't read the 
FWHD and do I want to initialize it either in OS standard or OS extended.
I tried mounting the FWHD on another Mac and get the same message. 
Is there anything else I can do to save the 3 imovie projects that are on the 
FWHD or am I stuck having to intialize the drive and lose everything?
thks in advance
Wki