Is fixing this removable drive possible?

I have an 8GB removable drive, which shows up in the Windows Computer Management window as:

At this point this drive is unusable.

This is a USB drive that I have used in the past to install Windows/Ubuntu/HackOSX etc. At this point I assume that the drive is ready for the bin, but is this the case? Is there a tool out there that will restore this drive to its former usefulness, or will I need to buy a new one?