Fear is good, as it is fear that lets us know that we are alive. Fear is the body's way of saying "I'm alive, and I want to stay this way." It can however, be ignored. Supressing any emotion is never a good idea, or taking drugs of any kind in my opinion.
I will not say the old **** about "there's nothing to fear but fear it self" cos I suffer from some messed up version of vertigo, and I hate the living c**p out of spiders. I will however say that a great way to get around your fears, is to take up extreme sports.
I am a snowboarder, have been for quite a while now, and I have found that almost all the fears I had from before have gone. The pure adrenaline of living on the edge for those few minutes is enough to make you realise that there is a hell of a lot to live for, but fear just gets in the way. I was aracnaphobic, but snowboarding made me realise that it was just a phobia getting in the way of my life. I still hate them and can't have them on me, but I don't instantly climb on the nearest thing to me when I see one.
My vertigo still exists, but I don't suffer from it when I'm on my snowboard, which is why it is a messed up version. I can be 200 feet off the ground and be fine (as well as you can be on that big a drop) but without it I'd be ****ing myself big time.
In short, find something that pushes you to the edge, do it, then take another look at your fears and you will think "why were they so bad?". It isn't just me it worked on, but loads of my mates too.
If that doesn't work, Neuro Linguistic Programming is always a good one. Basically a type of hypnosis that Paul McKenna uses a bit and can be used to erase the memory of fears and phobias. A mate who was afraid of textiles had that done a while ago, and he was fine. Luckily he forgot why he was afraid of them in the first place too.