If I may be so bold to suggest forget buying Parted Magic and use the http://ubuntu-rescue-remix.org/. Follow the instructions on https://help.ubuntu.com/community/DataRecovery. DO NOT try and fix the failing drive as you will reduce your chances of success. The data recovery page will have you make an image of the failing drive. The more errors on the drive the longer the image will take. Even something as small as a 2TB drive can take weeks to image. From there you can work on the image.
Glenn