Hard drive failure on HP Smart Array P410i

Hello, I was wondering if I could get some feedback/suggestions regarding a failed RAID hard drive.  I'm helping an office and they have the following configuration:

HP ML350 G6
Smart Array P410i controller
RAID 5
1 Array/ 1 Logical Drive - 6 TB
Drive configuration: 8 drives.  Bay's 1 - 8 have: HP 1 TB drives inserted


Problem:
The drive in Bay 7 has recently failed (Red amber light).  The office believes the drive in Bay 8 was configured as a "hot spare" and automatically rebuilt (I see activity/green blinking light on the drive) when Bay 7 failed.

A replacement HP drive (same part #/size) has been ordered.   This is a production environment so I can't shutdown/reboot the server until this weekend.

Questions:
Can I just insert the replacement drive into Bay 7 while the server is running?
Will the RAID controller automatically configure Bay 7 as the "hot spare"
Will the RAID Controller keep Bay 8 as an "active" drive in the array

Based upon the info provided, I'm basically trying to determine

1) What's the "best practice" on how/when to add the replacement drive into Bay 7
2) What actions will automatically happen when the replacement drive is inserted into Bay 7 (What would the RAID controller do?)
3) Do I need to reboot the server and make changes in P410i ORAC to get a similar setup as before (seven "active" drives in the array and one hot spare)

Thank you

Thank you