According to the Avid End of Support date, the Fast Track USB should be supported until the end of 2014:
http://avid.force.com/pkb/KB_Render_...EA0&lang=en_US
And yes, Avid retained the Fast Track devices when they sold off M-Audio, so it will be Avid who will provide driver updates/repairs etc.
Can you post your full system details:
http://duc.avid.com/showthread.php?t=336556. It does sound like a hardware failure, and as Darryl mentioned, probably not worth spending the money.
Joel