There are two ways to combine two 1TB disks to make 2TB: RAID 0 and concatenation (JBOD). If you did JBOD, you might, maaaybe be able to recover something with special software. If you used RAID 0 and one of the drives failed, you're screwed, because half of every single file lives on each drive, so if one drive fails, you lose everything. (And that's why RAID 0 cannot be relied upon, you MUST back up to somewhere else religiously.)
If you did RAID 1 (where data is mirrored, but you only get the space of 1 drive) you should be able to recover with no loss.
Before beginning to sob or freak out, let's eliminate the drive enclosure as the problem. If you have another external housing (or access to a Power Mac G5 or Mac Pro), see what happens if you put each disk into it.
I just thought of another potential failure point: the external housing's power supply. That type of power supply is proving to be somewhat unreliable, and if it's beginning to fail, it's possible that it's only putting out enough juice to spin up one drive, not both. Again, test with another housing.