Hi there thedst11,
Unfortunately, there is a chance that the drive may be failing. This is why, it may be good idea to start with just backing up all the data stored on it.
After that, you can test the drive with one of these testing tools:
http://www.tomshardware.co.uk/forum/282651-32-best-diagnostic-testing-utility
Observe the SMART report and look for pending/reallocated and uncorrectable sectors.
Another thing you can do is to attach the drive with another USB cable to another USB port or even system.
As sizzling suggested, it would be nice to defrag the drive.
Cheers,
D_Know_WD
