Did you try stduc's suggestion of setting it up as a slave on another computer see if you can access the data? I'm curious to know if the password protection worked in that case. Also, have you tried the hard drive in a non-Dell computer?
If the password is still required in both those cases, then it certainly sounds like a viable option, though not being familiar with the feature, I'm not sure how easy it would be to crack or circumvent the hard drive password.