Well it most Deffinatly sounds like your drive went bad! But as i found out Yesterday there are more reasons to a non-functioning wii until you get down to the MOBO and start fresh!!!
Options from here:
1. Have a NAND Programmer / Person with the Tools take apart your wii and diagnose the prob and replace any parts that need to be
(ME - Krafter - Streamlinehd) (bad_ad = but he is over the pond, and would be alot to ship to him)
2. DIY -- Ebay some triwing and small screwdrivers and take the wii apart your self and try to swap a drive
3. Sell the wii for parts and buy a new one (leave this to the last possible one, because that is the most $$$$ out)