Old laptop hard drive "goo"

[Michael Lee]

I just received an old-ish (1990) Toshiba T1000LE laptop and it wouldn't 
boot, so I took a look at the hard drive and there seems to be some type 
of goo oozing out of it.  It's a Conner hard drive, nothing too abnormal.

I didn't think a hard drive contained anything that could ooze out.  Any 
idea what it could be and does that mean the drive is pretty much 
toast?  Let the magic goo out?