The request could not be performed because of an I/O device error (MP3 Player)

I'm getting "The request could not be performed because of an I/O device error" when I try to access and mp3 player I have via USB. I have google about this problem but all I found is to format de drive. The problem is that when I right click on the drive from "My Computer", it hangs all for a little bit, the dialog appears and the dissapears, after right clicking several times I can click on Format but nothing appears. Also if I go to Disk Management the drive does not appear. What can I try?