Remove and reinstall it, if it still gives the error code it means the hard drive is bad or going bad. That error code means the Ps3 can't read the hdd or certain sectors of the hdd. Best to always use a new hdd when replacing the hdd in your Ps3 anyways. I'd a hdd dies andyou haven't backed it up you lose aall your game saves and anything that is not tired to a psn account.
SOURCE: format error
If your ps is under warranty then speak to sony, or you can reformat the hd on a lap top. You can also upgrade to a 200gb hd, which is very simple to do, and only costs about 40-50 pound or 80-100 dollars.
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