Few days ago when I tried to boot up my system I received following error message "Imminent Hard disk failure detected". I press F1 to continue and Windows starts normally. This happens every time when I power on my computer from then. Does this really mean that my hard drive is going to die or there is some chance to save this device?
There is something called SMART capability built in all modern hard drives. It is a diagnostic tool that monitors hard drive performance and it rarely make mistakes. Unfortunately there is very high possibility that your hard drive will die sooner then you expect. If I were you I would back up all data from that drive while you can and buy a new one.