If i were to just replace my hardrive and reinstall windows onto another hardrive would this resolve this error?
I'm not sure this is a good idea just yet. It might not even be the hard drive's fault. I guess I'd try the start-up repair first: http://www.sevenforums.com/tutorials/681-startup-repair.html
Can you plug the HDD on another computer and see if the drive gets properly detected there in BIOS, Disk Management & Device Manager? Only if it doesn't get recognized by the other system, should you most probably consider a replacement.