HD Failure?

I've been having an error pop up from time to time stating there has been a Delayed Write Failure. I thought it went away but this morning it showed up again and the applications were running really slow. Tried rebooting but right before the windows xp splash screen, I get the message stating something to the effect of there not being a bootable disk and to insert a bootable media in order to boot up. Bios shows the Raptor X there but I am not able to boot into windows. What I have tried is putting in the windows xp install CD, when I get to the screen that asks you where to install to, the Raptor is there but it says the volume is not accessable and the Raid shows up w/o a problem.

So the question is, is the Raptor dead or is there something that i'm missing?

Any help would be greatly appreciated and thanks in advance.