Unfortunately that is terminal for your hard drive, I would guess if i may that your fault has appeared on a Compaq presario v6000 series as this fault is quite common on these machines, and as yet I'm not sure why, would indicate a poor selection of hard drive manufacturer when assembling these machines. In your particular problem there is no fix apart from changing the drive itself, I believe you can find a "graded stock" 120gb drive for under £50 online. Also if it is said machine than you can locate all the original software and drivers in the support and downloads section of the Compaq.com website.
Hope thats of help sorry to be the bearer of bad news.
