Disk Utility is reporting a fatal hardware error-S.M.A.R.T. status failing. Is there hope?

OS 10.5.8 on a 1.8 GHz Power PC G5. Installed Western Digital WD1002FAEX as a second internal hard drive. I also installd the jumper needed to slow HD down for this computer. Initialized and formated the HD was able to back up a large iPhoto file and am still able to acceass the file from the new HD. Now Disk Utility is reporting a fatal hardware error-S.M.A.R.T. status failing. Is there hope?