Dell PowerEdge 2950 showing LCD status error E1810 HDD 5 Fault

Hello!  I have a Poweredge 2950 server that is showing an LCD status error of E1810 - HDD 5 Fault.  When I locate the hard drive on the server, it has a rapid blinking amber light on top and a slower blinking green light below the amber one.  In reviewing the server information via Dell's OpenManage Server Administrator, there was a non-critical warning regarding the Hardware Log, so I cleared it and that has been rectified.  There is another non-critical warning in the Storage section. When I expand the Storage and view the six drives, they all have a green check (OK) next to their status, and none have failure predicted.  Yesterday I ran a Dell Online diagnostic test against HDD5, and it completed succesfully with no errors found.  When I expand the PERC 5/i Integrated RAID controller, it shows a non-critical warning indication next to the Firmware/Driver Versions.  In checking these, I have out of date firmware and driver versions.  1) Can out of date firmware/drivers throw fault errors on a hard drive?  If I am interpreting the data on the OMSA correctly, the only issue this server has is outdated firware and drivers.  2) How, in detail, do I go about safely updating the firmware and drivers?  I realize I can go out to Dell and find them by the server's service tag.  Specifically, what I would like to know is what order do I install these and is there anything else I need to do in preparation for updating them?  The server just went out of warranty last month (of course!), this is one of our critical servers, and don't want to do anything that could take it offline for an extended period of time.  Any guidance or direction would be much appreciated!  Thank you!