Is this PC doa? (was a formatting question)

[mdovell at comcast.net]

Yes it does state this message with the smart failure, unless I change the bios to not notify. 

Prior to all of this happening I ran disk ultility and the smart data showed the reallocated sector count was 
pretty high (on red possibly past 100 but I'm not totally sure) 

I think that it might not have been the amount of use but the duration. I had this on sometimes for hours 
and the temperature often hovered around 120f. 

Could it be possible to buy a portable hard drive and boot off of that? 
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