First of all think about what you're doing here: You're stress-testing a drive that might be failing. (Seems like trying to run a marathon to see if you're heart's okay, doesn't it???)
So be VERY frugal with any/all accesses to the drive!
The answer to your question, though, is "yes, it IS likely that something is going wrong with your hard drive." Hence I suggest that you stop using it for any further diagnoses and do the following.
Use
this link to Dell's PSA Diagnostic and go to STEP 2 since you already have an error code.
If "no joy" from the code info you have, then try running through their entire diagnoses instructions step-by-step as listed one time.
If you still get the message I think it's time to have Dell or you favorite Computer Service take a look at it.
