What to do with dying hard drive?

I've backed most important things up. Now, what should I do with my dying hard drive?
When I do scandisk, it freezes up. Defragging with O&O only made it worse. More than 80% is "red."
Should try and save it by formatting? Or should I just enjoy the last couple days its working?

If it does really die you shouldn't throw it away. Stash it in the attic or something. I read in the Smithsonian that a lot of computer parts andcell phones and things are not properly destroyed or recycled, so it's better just to leave it lying around.