Help! Hard drive failure or logic board broken?

I dropped my Macbook really bad. Now when I boot up the machine, I get a flashing folder with a question mark in it.

I tried booting with install disc and holding C (nothing), I tried resetting the PRAM (nothing), I tried all the key combinations for booting (target disk, etc) but it just goes to the flashing question mark every time without doing anything.

The optical drive clicks for about 10 seconds while booting. The hard disk doesn't seem to be making any clicking noises.

I am out of warranty, so I am contemplating buying a new hard drive and replace it myself to see if this solves the problem. But I'm worried my money will be wasted if it's the logic board or some other hardware that is broken?

Any advice would be greatly appreciated! Thanks

Hard drives are cheap and returnable, but your description does indicate that you are having other issues BESIDES a dead hard drive.

Take the machine to a local Apple repair centre and let them test it. Then you'll know.

+1 Good advice from chas_m.

Regards.