My Compaq Presario gave the same warning, and I did get all the data files backed up. But the system is exhibiting other weird symptoms as well: The power button is very quirky -- sometimes it won't turn off after holding in the button the usual way; sometimes it takes three or four attempts to turn it off before it works, ditto with turning it on. I can put a Windows install CD in the drive; sometimes it reads the drive, sometimes it does not. When it *does* read the drive, the picture on the monitor shakes and shimmies so much I can hardly read what's going on.
Alll of this makes me wonder if it's a motherboard or power supply or controller of some sort that is going out ... and if that's the case, is it possible the hard drive itself is still good?