here is what I would do. 1. open CMD 2. type chkdsk /f 3. Restart when asked 4. let that run Hope this helps. This is essentially the same thing as kvonlinee said only easier.
if it is Seagate, you may want to check with seatool for window I think long drive self test nad it fail you contact to customer service on the web to return. I has 2 seagate drives and RMA both of them. my work now. if other I don't know for sure. one brand is Hitachi I like because I read somewhere it is reliable for a long time. good luck
If it is a desktop drive then it also makes sense to check the cable and connection and/or try the drive in some other system before dumping it.
Run HDD Sentinel, for a direct overview of the situation. Then you could use HDD Scan, for a complete read+verify scan. Messages of this kind (repair or replace hard disk) are usually generated by the SMART itself, it doesn't necessary have to be a physical damage, could be some of the motors failing and stuff.
normally, lifetime of hard drive is around 4-5 years. I recommended you should claim it with manufacturer.