[CentOS] Drive Failing

I got an email from smartd yesterday with the following error:

SMART Health Status: SERVO IMPENDING FAILURE SEEK ERROR RATE TOO HIGH
[asc=5d,ascq=43]

I understand this means the drive is probably going to fail.  This
device is /dev/sda and is part of /dev/mapper/VolGroup00-LogVol00

Is it possible to replace the single failing drive and if so, what would
be the steps so that data isn't lost.

TIA for any guidance.

Mike