yes and no.
You've probably got a bunch of bad blocks on it that are locked out. If you're not using the drive regularly though, there's almost no wear, so it will probably keep going for a long time. just because you got a bad block does not mean the spindle or head are actually bad. it might just be a crappy plate. If that's the case you just have a drive that is smaller than advertised. Standard working life for a hard drive though is usually about 5 years, so it may go anyway just from old age. Ive got a 1.5 gig full height drive that's still going umteen years later though so it;s not a hard and fast thing.