Just for checking, make sure the SATA or IDE cable is connected and power to the drive is connected properly. A disk read error is not good. The 'No drive detected' message could mean you have more than one disk controller enabled, but one of the controllers has no drive attached. This is fine in most cases (unless you only have one disk controller on you motherboard).
Can you ever successfully boot, or is the PC non-functional beyond the BIOS? It sounds like you can?
If so, back up your important data to an external or DVD then you can right click the disk in file manager, choose properties, and under the tools tab, you can run the 'Error Checking' option to determine if it's a problem with the disk. The other possibilities is a bad SATA cable, bad connection on the PSU, or the disk controller on the motherboard could have an issue.
I you still get the problem, the next thing I'd try is swapping your SATA cable for another. If that doesn't work then try a new power connector from the power supply. If that doesn't work, your cheapest option would be to replace the disk. Often, you can recover your data after a disk failure. If that doesn't work it may be something on your motherboard.
I general try to start with the cheapest options then work my way to those that are more expensive.