Emachines laptop says disk drive write error

Hello,
My emachines laptop M5312 wouldn't start up all the way it usually wouldn't even get to the desktop. I was told to try the restore CD's which I did and it wouldn't even get through the first restore CD without quitting or turning off. Then I got an error that said no hard disk found restore cannot continue. Emachines support told me that reseating the harddrive would fix the problem and it didn't. Now they said I need a new hard drive. My error message now says hard drive write error press any key to continue and if I press a key it just goes back to the black "e" screen that says press DEL for system setup. My hard drive has also started making a loud squeaking sound. I don't want to get a new hard drive if it's not for sure gonna fix it. Someone else said I need a new operating system. I don't know what to do I'm about to throw it out the window. Any help would be greatly appreciated. Thank you.