I have some experience in this area...
The clicking noise is caused when the read head starts falling off the platter then fights to get back on the edge, I don't believe the freezing method solves this. If you do try cracking the drive open (in a ziplock bag to minimize dust) be careful with the read heads because they can scratch the platters if you force them on in any direction other then towards the center. You can buy small tool kits off of ebay for $4 which have bits to open the drive safely.
In other cases, the bearings start to lock up on the drive shaft or there's a short somewhere which I believe is where the freezing method comes into play. I've also heard (with the drive turned off of course) hitting the drive very very flat against a flat surface with moderate force can un-seize stuck bearings. But when they wear down, better get a new drive.
In my opinion, Hitachi makes some pretty good drives now, 2TB 7200RPM drives to be specific, (minus the old deathstar issues). I have 15 in one system running in a raid-z and several more elsewhere. However, Hitachi Global Storage was recently purchased by WD, so we'll see how it goes.
I read a very good article once by storagemojo I believe, where he talked to a data recovery service who stated that on a percentage, Hitachi drives were at the top (or in this case bottom) percentage of drives sent in to recover data from accidental damage or malfunction.