hard drive failing?

I have a 320GB hard drive that's about a year old, It has windows and a few movies on it. When it boots it gets a FAIL_TO_MOUNT_BOOT_VOLUME error. I reset it a few times and boots fine. It isn't making any weird noises or anything but I'm worried it might fail soon

Is it a sign of a failing hard drive (it's a cheap seagate one) or is it a software thing?

Lissen up son 'cuz imma only say this one time

THAR ARE TWO KINDA HARD DRIVES

-- ONES THATS GONNA FAIL
AND

-- ONES THAT DONE GONE AND FAILED

the real question is:

did you back up your data?