Look here for an explanation:
http://support.microsoft.com/kb/310123
Scroll down about 2/3 of the page.
When it relate to a hard drive, it's realy bad news.
It usualy mean that there is a problem with a required driver for a device, but there are normaly NO drivers for a hard drive... The usual cure is to uninstall and reinstall the affected driver. Open the device manager, find the periferal, in your case, a drive.
Open it's properties.
Uninstall the driver and let Windows reinstall it.
As, in your case, it's related to a hard drive, it probably mean that the drive itself is faulty and need to be replaced. It's content is probably lost.
Electro, April 2013
