If you can provide the exact phrase the computer is putting on the screen, we can troubleshoot the issue. There are a bunch of HDD errors all of which come from a different issue. Without that exact wording, we can only guess that it could be 1 of several different issues.
I could be way off and you already know the HDD has actually failed, and now you are asking about reinstalling windows back to the computer? If the computer is less than 4 years old, and you didn't make your recovery disc set, you can reach out to the manufacturer for a set of recovery discs to reinstall windows. I think the last set of recovery discs for an Acer I priced was $38 which included standard shipping (3days).