your drive most likely will not fail in a year.
If it clicks/makes noise constantly, like every 5 second, I would try and effectively UNinstall ANTIPOP if you have it installed for the "speaker Pop" issue.
Per my blog, when I uninstalled antipop my HDD noise went from every 5 seconds to about every 30 seconds, and it is not a "click" per say, but more of a very loud "head seeking" movement.
Also, try installing the very latest "security update" from Apple 2010-001, as it does not hurt anything on a dell mini 10v setup, and might make some changes that affect HDD's in a positive way...worth a try.
BTW, right now, Hitachi HDD's seem to be the quietest with OS X 10.6 Snow Leopard, in my personal observation.