Something bad maybe able to happend on my C Drive

I got this message today:



So probably something no good is about to happen to my C Drive on Vista. That is actually a 160Gb Harddisk which I brought with me, and my fuzzy memory told me that it had some problem before. Besides, these days I heard that one of the internal drive making some "drilllllll" sound. So maybe something bad is about to happen. I better start backing up the OS.