Predictive failure on hot swappable drive
Solution 1:
And this is why RAID5 setups can be a problem... Typically, the factors that cause one drive to fail can cause its neighbors to fail. The amber light means that this is a drive pre-failure. This is enough to obtain a new disk under warranty (if you're covered) or a sign to acquire a replacement. Try to replace the disk and hope that the rebuild works. I'd plan to replace the second drive displaying errors as well.
Your worst-case scenario would be a "Waiting for rebuild" error from your Smart Array controller. That would indicate that the replacement drive cannot rebuild because of drive errors on one of the other disks. In this situation, you will need to backup and restore to an array comprised of new disks.
Solution 2:
My recommendation would be to take a backup right now and replace the failed/flashing disk as soon as possible and worry about everything else later.