Yes you should be able to use that disk, there are a couple of recovery commands that I would try first :
fixboot
and
fixmbr
also have you tried starting up in safe mode? as the bios completes, press F8 until the safe mode option comes up. This will rule out unneeded driver issues but if your HDD is knackered you may have a bigger problem. If you have an external HDD caddy for a 2 1/2" drive, you can try and mount that as an external drive to get your data back or try and use ghost to image it onto a new drive (you will need to add switches that ignore errors on the disk)