Hard Drive IMMINENT Failure - Help want to replace to keep Windows 7

[jaw373]

I am getting imminent disc failure errors. I have run the short and long drive self tests. The short test passed, but the long test failed. I want to replace the hard drive but keep windows 7 and all my information. I need to know how to do this and what i need to buy to do it as well.
If i get a new hard drive and am able to transfer everything over, does that transfer my Windows 7 operating software and everything as well.
PLEASE ANSWER QUICKLY...I DON'T KNOW HOW MUCH MORE TIME I HAVE BEFORE THE DRIVE GOES DEAD!!! 

[WAWood]

@jaw373 

First off, if the drive is failing, you have Already lost information and that is only going to get worse.  So, while you MIGHT be able to do a full system backup image at this point, you still might have already lost some stuff.

Second,  I personally prefer to use third-party Backup solutions as they tend to be both more flexible and more reliable than any built-in solutions.

Macrium Reflect (MR) provides a FREE version that can be used to image and restore partitions or entire drives.

What I recommend is the following:
1) Download and install Macrium Reflect (MR) from here: http://www.macrium.com/reflectfree.aspx
2) Run MR and choose the option: "Create an image of the partition(s) required to backup and restore Windows" to write a full backup to an external drive or USB stick
3) Use the option to create a boot USB stick or CD

My experience is that MR, when using the High Compression option, typically can compress the saved image file to about 50% of the USED space in the OS partition. This means if you have an 80GB OS partition, and 40GB is used, MR only needs about 20GB to store the image file.

I use this all the time and it typically takes less than 15 minutes to do the image backup and about the same time or less to do a restore.

NOW, you have the means to restore a full working system from the external drive or USB stick in only a few minutes.