Logan, what you are seeing there when it says "is failing" is that the S.M.A.R.T. (Self-Monitoring, Analysis and Reporting Technology) status indicators indicate one or more measured parameters is no longer above a certain threshold. Probably a good idea to go ahead and replace it - you might have a couple more years before it dies, or it might die this week.
Here's the handy Wikipedia chart indicating the sorts of parameters S.M.A.R.T. tracks, and which ones are actually the most important for determining if the disk is closing in on failure. http://en.wikipedia.org/wiki/S.M.A.R.T. ... attributes
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"You know how parents tell you everything's going to fine, but you know they're lying to make you feel better? Everything's going to be fine." - The Doctor
Here's the handy Wikipedia chart indicating the sorts of parameters S.M.A.R.T. tracks, and which ones are actually the most important for determining if the disk is closing in on failure. http://en.wikipedia.org/wiki/S.M.A.R.T. ... attributes
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"You know how parents tell you everything's going to fine, but you know they're lying to make you feel better? Everything's going to be fine." - The Doctor