|If you can access it in safe mode, to me it would sound like an application is trying to access the drive when you plug it in, maybe your anti-virus or other security product, or it could be another app.|
What i would do is
Go to Start > Run and type msconfig
when the window appears to to the STARTUP tab, and disable all - you can enable them again at a later time.
Press apply / ok. - Resart machine in normal mode.
try it now, if it works then its one of the apps you have loading with windows.
To determine which one it is you will have to enable them one by one and restart, note that you dont always need all the apps to load with windows so it would be an idea to disable those things that you do not require immediatley when windows loads.
Let us know what you find.