Your drive is fine...same problems here.
Did you recently upgrade you Mac OS to 10.5.8?
Upgrade to ExtremeZ-IP v6.0!
Your answer is at the the link below...
Apple - Support - Discussions - 10.5.8 and Extremez-IP 5.1.x ...
Workaround for now > Launch Photoshop first > File menu > Open (open from...