Try recalibrating your battery:
1. Plug in the MagSafe Power Adapter and fully charge the battery.
2. When the battery is fully charged, the light on the MagSafe Power Adapter connector changes to green and the Battery icon in the menu bar indicates that the battery is charged.
3. Allow the battery to rest in the fully charged state for two hours or longer.
4. You can use your computer during this time as long as the power adapter is plugged in.
5. With the computer still on, disconnect the power adapter and continue to use your computer.
6. When you see the low battery warning, save your work and close all applications. Keep your computer turned on until it goes to sleep.
7. After your computer goes to sleep, turn it off or allow it to sleep for five hours or longer.
8. Connect the power adapter and leave it connected until the battery is fully charged.
9. You can use your computer during this time.
Original instructions:
Apple Portables: Calibrating your computer's battery for best performance
If after the calibration it stills says "Replace Now," then take it to your nearest Apple Store and let one of the Apple Geniuses have a look.