SMART means that the drive is failing, or already failed. The Disk Read error already hinted at a failing drive.
You have no choice, the drive is failing and needs to be replaced. As for the 'contents' of your drive, at least of that has already been lost, refer back to Disk Read Error". You may still be able to recover some or all of your personal data, or maybe none at all. That will depend how badly the drive has failed. I assume from your concern about the data that you have not made those all important backups of your important files?