Is my hard drive failing???

So starting about a week and a half ago my computer has been acting weird. First it started having booting failures and after a couple windows launch repairs it would boot normally. This has happened about 4 times. Then last night I start my computer and I notice my hdd light is staying constantly lit and my system is slllooooooowwwwww. I use windows error check and says hard drive is fine. I unplug any peripherals I can and reboot; then comes a launch failure. After about a half hour of cycling launch repairs it boots and I run an error check while also checking for bad sectors. At this point it was really late and the check was going to take a while so I went to bed. Come down this morning and turn it on and now it's performing normally but I didn't get to see the results of the check. Does this sound like the beginning of a hard drive failure?
 
Test the hard drive with the manufacturer's diagnostic software. Don't use the Windows-based version though, you'll need to test it with the DOS-based version which loads from a bootable CD. The links are here: http://www.tacktech.com/display.cfm?ttid=287

To make a CD from the ISO file, use IMGBurn if you don't have any burning software installed: http://www.filehippo.com/download_imgburn/

When you've made the CD, boot your faulty computer from it and test it's hard drive using the long/extended test.