Windows 7 Random hard disk failure

I was minding my own business yesterday, playing a bit of WoW and suddenly my laptop gets a blue screen of death, first time ever. It's a relatively new laptop so i was a bit shocked. I tried to reboot but kept getting the 0xc00000e9 error, i looked up how to fix this and most sites said to let windows recovery deal with it or whatever, but my problem was that it would half load windows recovery and then i'd get the same error, making me reboot again. After a couple of hours or rebooting, trying different options, windows recovery actually loaded, and claimed to fix the problem. Which it did in a way as i could fully start up. But the laptop itself was considerably slower. I left it at that, to only get up this morning to a error saying my hard disk is failing and i need to backup everything blah blah. I'm not sure how long my hard disk has left, nor am i sure why it has failed. Is there anyway to fix a failing hard disk? Or am i going to have to empty my pockets and buy a new one.

Laptop i'm running:
HP Pavilion dv7 Notebook PC
Intel Core i5-2450M CPU 2.50GHz
6GB RAM
64bit
Windows 7 Home Premium

If there is any more information you need to help me with my issue, ask and i'll try my best to supply.

Cheers