Hard drives are one of the most worked items in your computer. The failure rate of hard drives as of late is VERY high. As we push them to higher and higher capacity, the failure rate goes up as well. If your drive is clicking, you NEED to back up your files now. It will be dead soon. This is not a maybe, it is a certainty.
I recommend to my clients that they never use a HDD longer than 2-3 years for home use, and no longer than 1 year for business use. After 1 year the chance of failure goes up almost 50%. It goes up nearly 60% every year afterwards.
Mind you those figures are from 5 years ago, but I would suspect the failure rate has only gone up since.
As for WHY they fail? Well there are several reasons. The controller card can often fail due to heat issues. The motor will also fail due to heat or excessive use. They spin at 5400 - 7200 Revolutions per minute in most cases. They can also die from sudden jolts. Dropping, or banging the drive while it is spinning will cause the heads (think needle on a record player) to slam into the platters (think shiny silver record) This causes damage to the surface of the disc and to the head both. Generally when you hear a clicking sound, this is the culprit. The clicking sound could also be the park motor being out of alignment due to controller failure.
There are several other possible reasons for failures, but those are the most common.
Randy