Aside from what you replace that hard drive with, it's very possible that you may be able to drop it into an external enclosure and run it off of that. I went through multiple HD failures a few years ago when the one TB drives were coming out. My computer repair guy said they're unstable and after burning through several I agree. Nevertheless the drives could still be dropped into an external enclosure, plugged into the computer with the new drive and then still access the data in that manner.
Afaik, taxing your system is not an issue. As long as your motherboard has the SATA II hardware then you should be good to go. Check online for your mobo specs.