Welcome to Tom's Hardware, mafzal2000!
I'm sorry to hear about your data and the issues with the WD My Book!
It seems like the file system got corrupted. Is it showing RAW file system in Disk Management?
First, I'd suggest you to test the external using WD's Data LifeGuard Diagnostics tool and see if we are dealing with any bad sectors or damage. The tool will help you determine the health and SMART status of the HDD, just make sure you run the QUICK and EXTENDED test. Here's a link to the software:
http://products.wdc.com/support/kb.ashx?id=DkHoxO
As for recovering your data, I'd recommend turning to a professional company for help, since they'd be your best chance at retrieving the most of your files. Here you can find WD's Data Recovery Partners worldwide:
http://products.wdc.com/support/kb.ashx?id=DYWsf8
You could also try some third-party software apps at your own risk, here are some suggestions from the community:
http://www.tomshardware.co.uk/forum/291895-32-best-data-recovery-software
http://www.tomshardware.co.uk/forum/280932-32-hard-drive-recovery
I'd strongly recommend you to keep at least two identical copies of your data on separate locations. This is the best way to avoid any data loss in the future!
Keep me posted with the results from the DLG tool though! Hope I was helpful!
SuperSoph_WD