Micro SD not recognized on phone or pc

Hello,

I've looked and looked for a "real" answer, however, have yet to find one that isn't specific to my question.

I have a Samsung Galaxy II that I've been using with a SanDisk Micro SD card. I recently had my phone replaced and my SD card was out of the phone for about a month. When I got the new phone, I inserted the SD card into it and the phone doesn't recognize it. It just says "Mount SD Card". So I loaded it into the adapter and inserted it into the card reader of my PC and all I get is "Please insert disk into drive F:" (or something to that effect). When I go to remove the SD card from the reader, it is extremely hot.

1. Is the card corrupt?
2. If so, is there any way to recover and remove the stored data at all?
3. Am I just making it worse by putting it into the card reader?

And finally:

4. Should I just chalk up my losses and pitch it into the trash?

Any help would be wonderful.

Thanks so much!! :)