|If your hard drive is failing a SMART test you should be concerned. SMART can generate false positives but failure generally means your hard drive is dying or dead.|
If you can still access the drive you should first copy all your personal files that you should have backed up already but probably haven't.
Then if you haven't yet created your system restore disks I suggest you do that.
If the Laptop is still under warranty contact the manufacturer for instructions.
If not under warranty then find out what brand hard drive your laptop has and download a drive fitness utility for that brand and run it. You may need that in order to get a replacement hard drive.
Assumming the drive is still under warranty. Hard drive warranties are generally longer than the warranty on the laptop.