I checked my system.log for anything i could find. Here were some items I thought were related, but I am not sure what their relevance would be:
I believe the drive in question is called disk2s3
Apr 1 10:26:53 localhost kernel[0]: Security auditing service present
Apr 1 10:26:53 localhost kernel[0]: BSM auditing present
Apr 1 10:26:53 localhost kernel[0]: disabled
Apr 1 10:26:53 localhost kernel[0]: rooting via boot-uuid from /chosen: 013FD957-4103-3888-832C-132B7127B20F
Apr 1 10:26:53 localhost kernel[0]: Waiting on <dict ID="0"><key>IOProviderClass</key><string ID="1">IOResources</string><key>IOResourceMatch</key><string ID="2">boot-uuid-media</string></dict>
Apr 1 10:26:53 localhost kernel[0]: Got boot device = IOService:/MacRISC4PE/ht@0,f2000000/AppleMacRiscHT/pci@7/IOPCI2PCIBridge/k2-sata-root@C/AppleK2SATARoot/k2-sata@0/AppleK2SATA/ATADeviceNub@0/IOATABlockStorageDriver/IOATABlockStorageDevice/IOBlockStorageDriver/WDC WD740GD-50FLC0 Media/IOApplePartitionScheme/Apple_HFS_Untitled_1@3
Apr 1 10:26:53 localhost kernel[0]: BSD root: disk3s3, major 14, minor 7
Apr 1 10:26:53 localhost kernel[0]: Jettisoning kernel linker.
Apr 1 10:26:53 localhost kernel[0]: Resetting IOCatalogue.
Apr 1 10:26:53 localhost kernel[0]: Matching service count = 1
Apr 1 10:26:53 localhost kernel[0]: Matching service count = 7
Apr 1 10:26:53 localhost kernel[0]: Matching service count = 7
Apr 1 10:26:53 localhost kernel[0]: Matching service count = 7
Apr 1 10:26:53 localhost kernel[0]: Matching service count = 7
Apr 1 10:26:53 localhost kernel[0]: NVDANV30HAL loaded and registered.
Apr 1 10:26:53 localhost kernel[0]: IOPlatformControl::registerDriver Control Driver AppleSlewClock did not supply target-value, using default
Apr 1 10:26:53 localhost kernel[0]: IPv6 packet filtering initialized, default to accept, logging disabled
Apr 1 10:26:53 localhost kernel[0]: UniNEnet: Ethernet address 00:0d:93:31:60:aa
Apr 1 10:26:53 localhost kernel[0]: AirPortPCI_MM: Ethernet address 00:11:24:98:d9:bd
Apr 1 10:26:53 localhost launchd: Server 293b in bootstrap 1103 uid 0: "/usr/sbin/lookupd"[46]: exited abnormally: Hangup
Apr 1 10:26:53 localhost lookupd[60]: lookupd (version 369.2) starting - Sat Apr 1 10:26:53 2006
Apr 1 10:26:53 localhost kernel[0]: NVDA,Display-A: vram [a8000000:08000000]
Apr 1 10:26:53 localhost diskarbitrationd[34]: disk3s3 hfs 013FD957-4103-3888-832C-132B7127B20F Macintosh OS /
Apr 1 10:26:53 localhost kernel[0]: disk2s3: I/O error.
Apr 1 10:26:53 localhost diskarbitrationd[34]: disk4 hfs F576DB2D-CD18-327F-A579-1E963077CE2A RAID /Volumes/RAID
Apr 1 10:26:54 localhost kernel[0]: [HCIController][setupHardware] AFH Not Supported (0x5f3bbc0)
Apr 1 10:26:54 localhost configd[32]: WirelessConfigure: 88001003
Apr 1 10:26:54 localhost configd[32]: initCardWithStoredPrefs failed.
Apr 1 10:26:54 localhost configd[32]: WirelessConfigure: 88001003
Apr 1 10:26:55 localhost kernel[0]: NVDA,Display-B: vram [aa000000:02000000]
Apr 1 10:26:55 localhost /System/Library/CoreServices/loginwindow.app/Contents/MacOS/loginwindow: Login Window Application Started
Apr 1 10:26:55 localhost loginwindow[75]: Login Window Started Security Agent
Apr 1 10:26:55 localhost kernel[0]: UniNEnet::monitorLinkStatus - Link is up at 100 Mbps - Full Duplex
Apr 1 10:26:56 localhost mDNSResponder: Adding browse domain local.
Apr 1 10:26:57 nicholas-lanes-power-mac-g5 configd[32]: setting hostname to "nicholas-lanes-power-mac-g5.local"
Apr 1 10:26:58 nicholas-lanes-power-mac-g5 kernel[0]: netsmb_dev: loaded
Apr 1 10:26:59 nicholas-lanes-power-mac-g5 launchd: Server 0 in bootstrap 1103 uid 0: "/usr/sbin/lookupd"[60]: exited abnormally: Hangup
Apr 1 10:26:59 nicholas-lanes-power-mac-g5 configd[32]: executing /System/Library/SystemConfiguration/Kicker.bundle/Contents/Resources/enable-network
Apr 1 10:26:59 nicholas-lanes-power-mac-g5 configd[32]: posting notification com.apple.system.config.network_change
Apr 1 10:26:59 nicholas-lanes-power-mac-g5 lookupd[105]: lookupd (version 369.2) starting - Sat Apr 1 10:26:59 2006
Apr 1 10:26:59 nicholas-lanes-power-mac-g5 ntpdate[123]: no servers can be used, exiting
Apr 1 10:27:00 nicholas-lanes-power-mac-g5 configd[32]: target=enable-network: disabled
Apr 1 10:27:24 nicholas-lanes-power-mac-g5 kernel[0]: disk2s3: I/O error.
Apr 1 10:28:37 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:28:48 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:28:59 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:29:10 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:29:44 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:29:44 nicholas-lanes-power-mac-g5 kernel[0]: disk2s3: I/O timeout.
Apr 1 10:30:19 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:31:02 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:31:13 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:31:24 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:31:36 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:32:09 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:32:53 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:33:04 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:33:15 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:33:26 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:34:00 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:34:43 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:34:54 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:35:06 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:35:17 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:35:51 nicholas-lanes-power-mac-g5 kernel[0]: IOATAController device blocking bus.
Apr 1 10:35:52 nicholas-lanes-power-mac-g5 kernel[0]: disk2s3: I/O error.
Apr 1 10:37:51 nicholas-lanes-power-mac-g5 kernel[0]: disk2s3: I/O timeout.
Apr 1 10:37:51 nicholas-lanes-power-mac-g5 diskarbitrationd[34]: unable to mount /dev/disk2s3 (status code 0x00000001).
Apr 1 10:37:51 nicholas-lanes-power-mac-g5 diskarbitrationd[34]: disk2s3 hfs 00ECA867-E224-3573-B8FC-078B5D32EF41 Backup [not mounted]