Welcome to the Apple discussions.
When you have that error from Disk Utility, it means that Disk Utility can't repair it. In addition to the programs mentioned by Niel, TechTool Pro is another one that can help. One of the programs can likely repair that type of error. Many people tend to use Disk Warrior, which will cost around $100.
In the unlikely event one of the programs can't repair it, then the hardware is shot, and you can either have a data retrieval company pull the data contents off for you, which is not inexpensive, or buy a new hard drive, and either restore the system from a backup if you have one, or just reload from your OS X disks and start again.