Drive 0 operating outside normal specs.....low level format?

Hello all,

I know there is quite a bit of info on this in the forums already but I'm getting the "Drive 0 is operating outside of normal specifications" error. 

I'm pretty sure it is actually a hard drive problem as opposed to a software problem (which some suggest in the forum) as the drive fails the diagnostic tests, takes a really really really long time to format, and crashes randomly while I'm using the computer.

I was wondering if there's any chance a low level format could salvage the drive.  Anyone have any ideas?  Or should I just try a different drive?

thanks in advance.