Hi there compote,
Most probably yes. Having that much correctable sectors also means that the drive is unreliable and you should take your data off the drive as soon as possible.
I guess you can slow the dying process a bit with writing zeros on the drive. Though, bad sectors will eventually continue to appear.
If this is your primary HDD, just get a new one and use this one for storing non important data.
Cheers,
D_Know_WD