Problem accessing data from old hard drive after being replaced

I installed a new 250GB hard drive from scratch on Dimension 4400 - new install of XP. After configuring the old Maxtor 40GB drive as the slave, I cannot access any data from it - windows thinks that it hasnt been formatted. When I run Maxtor disk utility, it shows 2 partitions (0 = 32MB and 39+GB). When I try to swap the old drive back in (as the master - disconnecting new drive entirely) it gives me an operating system error when it tries to boot.

 

Does it sound like the old drive toast, or is there a way I might be able to recover data?