Hi
Yes sounds like your hard drive has failed , you can purchase a new hard drive for around £40 ($50) . You will need the recovery media for your machine so you can install it on to your new hard drive . Regarding your Info on failed drive you can try to download ( from a working PC ) Hirens Boot CD burn the image to a disk and boot your machine from that , from within Hirens you can ( If drive allows access ) explore the C drive and recover what you need from the drive . You can backup to USB flash drive or to DVD/CD . If you have not got any recovery Media for your machine you can contact HP in your region and order ( For a Cost ) replacement Recovery Media .
www.hirensbootcd.org/download <<<<< Link to Hiren's
Checkurtech