Macbook won't boot

and after turning it on it shows a flashing question-marked folder. This happened only after a system restart. I did my homework, and searched macrumors. Much to my dismay a few posts claim that that is indicative of a hard drive death. To make matters worse the disk utility found in Disc 1 isn’t recognizing the hard drive, so no repair process can be attempted. Has this happened to anyone before? Are the data recoverable, at least?