If after you try a factory reset and it doesn't work, I think you should either, if you purchased locally take it back to the vendor, otherwise try to get it RMA'd.
Have you tried the CD that came with the product to "Discover" the NAS? I've never used it but I hear it works.
And to reset the firmware to factory defaults... Normally you need to log in but this isn't an option for you so you should unplug the unit, press and hold the reset button (it's a pin hole in the back) for a good 7 seconds (I don't know if 7 seconds is good or not, could be 3 or 10, I cannot find it written down). Plug it back in and try it. If that fails, try it again with it powered up. The instructions don't seem to exist. One post I saw said it took several hours for the NAS to become visable after a reset. I don't know why that was but give it some time incase it's true. It beats sending the unit back.
Let us know what you find out.
If I'm incorrect on how the reset button works, someone please correct me. I do know it will reset to factory defaults.
-Joe