Hard Drive Failure

My Dell Studio 15 laptop, 2-3 years old, has been stuttering and freezing. A few days ago, on Windows 7, I couldn't even open Outlook and Firefox without it freezing. Thinking maybe it was a software bit (optimistically), I upgraded to Windows 8. It was a tad better but then went downhill. I ran "chkdsk /r" but the system hangs at 28%, sitting overnight, and the repairing disk did not complete after 10 hours. The system diagnostic gave the 2000-0146 error, explicitly a sign of the hard drive failing.

It looks like the hard drive is on its last leg. I'm backing up my data to an external hd now. On Amazon, I found a nice upgrade from the current 500gb -- a Western Digital 1tb drive on Amazon (specs here) -- for $100. For base storage and the fact anything is probably faster than what I have now, I can't complain. A few criticisms I've heard is a bit of a power-drain (a non-issue since the Surface tablet is my portable device) and the noise level (the current hd is also loud).

I've never replaced anything on my laptop before, but I found an iFixIt guide and some Dell Documents to follow. Does anyone have some tips or additional steps I need to take?