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Powerdege 2900 - hard disk blinking amber

Dear All, 

Good day. 

I have a Dell Poweredge 2900 server in my office. Since I am relatively new to the job, I don't have much of an idea about it. Right now, we have 3 hard drives in the front. The middle one is blinking amber and I read that it means it's time to change it.

What i want to know is the following:

1) How do these drives work? I have read about RAID drives etc in books but don't have any idea how it works in real.

2) Does the poweredge 2900 have a separate hard disk inside and these three might just be for backup purposes? How are these  hard disks managed?

3) How crucial is this situation where the middle hard disk is having the amber light blinking? I do have a backup of the system. But how much time do I have to get these hard disk changed? 

4) If all three fail, what could happen?  

Appreciate some guidance so that I could at least know what I am dealing with. Thanks a lot in advance!!! 

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