I'm sure you could fix it. I would ask the mechanics over at - forums.ereplacementparts.com - see what they say after you ask a question, and than grab the parts you need to get it going. I'm sure they will give you some replacement diagrams and repair advice to get you going. May be worth it rather than spending 10 times as much for a new drill.
Brandon
April 2010
Automatic Answer
While you wait for answers, we may have found some information which could help you.
howtomendit.com for free repair help, information and advice.
Try fixfault.com to fix d.i.y tools.