My HDD is making crunching sounds? Is it about to die and if so, what should I replace it with?

I recently upgraded my computer, cleaned it up, and put it from my floor to my desk. I'm not sure if it's just because it's next to me now, but it's been loud and I'm really trying to quiet down my PC as much as I can since it can be a problem when mixing music.

One of the loudest things right now is my HDD when it's under heavy load (i.e. starting up my computer it goes crazy). When it's more idle, it makes these light crunches randomly. Here it is recorded, if you turn your volume up you can hear it.

It's a Seagate Barracuda. I bought November of last year (when I first built my computer). It's the only HDD I've had and it's never moved from it's spot.

Most of my important files are backed up, but it'd be such a bother to reinstall everything. Plus I'd lose all my media files (that are too big to back up). So I'm worried, is it failing? Better to be safe than sorry, right? And if it is, what should I replace it with?

TL;DR: My HDD is making loud crunch noises. Is it failing? What should I replace it with?