In my experience with heavy use design workstation, I have learned the "burning way" to definitely save a lot of money spending few of it.
If your S.M.A.R.T. test of the Hard Disk says that a failure is imminent, it means so.
As a matter of experiment, I tested using UBUNTU Distro three HP-540D Workstations, whose hard disk have been almost continuosly spinning for more than six years.
I had them on a shelf, to be used as emergency "backup workstation", but the reliability of the "backup" is also a very important matter.
So i decided to transform the " Backup " in "Hot Standby" using a Pen Booting Distro, and keeping an eye on the S.M.A.R.T. Status.
Within months from startup, all three workstations behaved in the same way: the status turned to " a failure is higly probable in the next 24 hours.
All three hard disks failed , in some way, within two months from the first warning.
This does not mean that the Status warns you WITHIN two monts from the event.
This means that at least three HD kept running for less than two months from the first warning.
As a System Administrator is a totally different music.
My advice is , as a strong and urgent suggestion, to replace at the EARLIEST convenience the failing device.
As US Marines usually say: " You have been WARNED!", and it's last time they say somethingh before they shoot you.
Nobody can say how long it takes to shoot you, but "You have been WARNED!"
Enjoy your week end.
EDIT: The HD is doomed! You MAY be so lucky to have the time to "image" it and then replace with no data loss. Please , understand that HD are non mass commodities, with a MRSP less than 100 USD.