Is my hard drive toast?

Hello all,

I have a late 2011 MacBook Pro that will not boot. It's making a continuous beeping noise, similar to a telephone left off the hook, and there is a blinking folder with a question mark in it.

I restarted it while pressing the option key. When I go to the disk utility it does not list the Mac hd, only a disk that is 4.14gb. When I attempt to reinstall the OS the box that says choose the disk you wish to install on is blank.

Does this mean my hard drive is bad? Is there anything else I should try before buying a new one?

Thanks everyone.