Pammy - possibly, but in your case, the system is seeing that a hard drive is there, a volume is available for booting, but booting never finishes. Your issue might be a software-only issue. It would be worth booting to the system CD that came with your computer and running Disk Utility to verify and repair any directory corruption that it might find. If it doesn't report a hardware error, possibly an archive installation of the operating system might resolve it.
Hard drive issues are trial and error at best. They can stem from an actual hardware issue with the drive mechanism, a "head crash" where the read heads touch the platters (very bad), a bad circuit board on the drive, or just software corruption that a reinstall might fix. Having someone experienced look at the drive before you do anything is always a good first step.