Windows says my hard drive is failing: Can I save it?

[Ambam00]

About 2 weeks ago windows started complaining my hard drive was failing. I turned off the computer, bought a new 1TB drive, installed the drive, couldn't boot into windows so got a Windows 7 install disk, Installed to the new drive, spent two days installing updates and having windows tell me that the hard drive was failing (I went from Vista to Win 7 pro). I have made back ups of the old drive and copied all the documents. On boot the computer pauses until I acknowledge the failing drive (f1 to continue). Then when I get into Windows, it warns me about the failing drive. What I want to know is, now that I've backed up or copied all the data, can I save the drive? Is there something I could run to reset it? I read another thread and got the SMART data (see below).
I ran the fast off line scan and it said that it completed with out errors.

Can I save this hard drive, or should I just pull it and enjoy my new rare earth magnets?

Thanks!

 

[richc46]

Seasons Greetings
Do not use that drive to store and important documents, it will fail. You may be able to postpone the inevitable by performing a scan disc. In step 4 check both boxes
Good luck
http://www.sevenforums.com/tutorials/433-disk-check.html