SMART is the builtin self diagnostics of a HDD, if you HDD is failing one or more of the SMART tests it is on its way out and you should do as suggested and replace the HDD ASAP and backup your important data immediately.
However its perfectly possible for a HDD to continue to function normally for any amount of time, it could fail the next time you use it of in a couple of years or it could seem to work normally but you could get mysterious corruption & crashes.
Basically just replace the drive, RMA it if its worth anything.
Intel core I7 920
6GB OCZ platinum 1600
Samsung 1TB F1 Spinpoint
Samsung SM2443BW 24"