No, that drive is going south NOW.
If I were you, I would buy a second hard drive TOMORROW, and then use a disk cloning tool like Ghost 2003 or Acronis Disk Image (or similar) and try to copy the failing disk's contents to the new disk. At least that will save you from having to reinstall Windows and all your apps.
THEN worry about getting that drive replaced under warranty.
TONIGHT, I would copy all your important files, address book, and email folders to another device, such as your old drive, a thumbdrive, iPod, or whatever.
A lot of people who experience drive failure and data loss tell me that they wish they had some warning. Well guess what -- you're getting warned.
Good luck!
-Llama