Baseband IC or Chip Curropted. How to still restore. HELP Error (-1)

The phone started showing 'Searching' that was the only issue I was able to use it like and IPOD. I forgot my Password and tried to hard reset it via iTunes and that failed with an error (-1). The phone is now stuck on the iTunes connect screen and will not restore in dfu, The iphone cannot be found... (no backup either) I researched the crap out of this and I am seeing people mention changing a baseband IC; All I want to ask is THERE ANYWAY BY WHICH I COULD RESTORE IT AGAIN AND USE IT LIKE IPOD? Any way of restoring this phone? Any kind of reply would be much appreciated, Thanks.