Hi,
It depends on what part of the computer is making noise. If your hard drive is making clicking or rattling noises, then yes, there is a good chance that your hard drive is failing. If it is screwed into the case, make sure nothing is loose incase its just excessive vibrations. However, the noise could be coming from a fan as well, so the first thing you need to do is see if you can pinpoint which piece of hardware is making the rattling. Also check the cd or floppy drives to be sure nothing is inside of them as they can cause noise when reading the discs.