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Do you have SMART (Self-Monitoring, Analysis and Reporting Technology) enabled? If so (that's what that warning looks like it came from), this thing can give false positives, at least false in the immediate sense. ("Imminent" sounds so scary, doesn't it? :-) Even a false positive does signify some sort of physical error or problem condition involving your hard disk that may or may not be a problem with the drive itself. If it's running too hot, for example, SMART can be set off to warn of imminent failure. The fix for that is not to replace the drive, but to cool your system before you have to replace the drive.
That said, a drive that is four years old probably needs to be replaced or at least relegated to backup status, and it probably does have physical errors that could begin to corrupt important data. When you have the cash available, I'd replace it. Then wipe it and run some diagnostics and repair program on it to see if you can find physical problems, repair or block them, and use it for some purpose.
Of course, as the original respondent said, it could die tomorrow no matter what. Hard drives can be irritating.
Oh, btw, Seagate's disk analysis program doesn't like Western Digital drives it seems. I've had it detect a flawed WD hard drive right out of the box that I still have running as a "miscellaneous" drive some three years after I got it. The Seagate the program came with died in a year. Go figure. :-)
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