Yes, I would first start by defragmenting the drive.
Here is a link below on how to go about doing a disk defragment in Windows:
http://windows.microsoft.com/en-us/windows/improve-performance-defragmenting-hard-disk#1TC=windows-7
If it is still very slow after the defragment then it might be because the disk itself is getting full. When HDD drives get used near their capacity they begin to slow down because the disk has more information to sort through before it can pull your relevent data.
If you can't open ANY file after defragmenting I'd run a HDD diagnostic program on your drive to make sure it is still healthy. Here are a couple of popular free diagnostic programs:
Crystal Disk Info...