In games I randomly get this coming up, and it is starting to get annoying. Before I would of just formatted and then it would be all good, until the next problem, but I have decided that it is annoying.
No you will hear the beep that an error happened but it wont freeze. I have turned mine off for a while now. I have heard the beep but you can check to see what the error are in the Event Viewer. That is located (in mine at least) in the control panel>administrative tools>Event Viewer. You can also access it by Start>Run>EventVwr.