S.M.A.R.T. Hard drive failure test?
Solution 1:
Yes. Stop using it. Take the drive out and attempt to back up everything you want. A HDD should not be used once it's started to fail (Once it's failed, it'll start failing more and more and more)
The drive could die now, or it could die in a year's time. There's no real way of knowing, all a SMART result can tell you is how the drive is performing right now. IMO, it's not worth the risk - back it up and replace it.