BLUE SCREEN c0000218 ERROR (BSOD)

Hi, I shut down my computer and instead of shutting down it went to a blue screen which reads:

c0000218 {Registry File Failure}
Registry cannot load the hive (File):
\SystemRoot\System32\Config\Software
or it's log or alternate.
It is corrupt,absent, or not writable

Beginning to dump physical memory
Physical memory complete
Contact your system administrator or technical support group for further assistance.

What exactly is this? Is this beyond repair? Thanks in advance.

At boot up press F8 and return to last known good configuration. Does it work?

No, it reboots and goes back to the blue screen with the same error.

I have a feeling your hard disk is failing.

Have you tried a system restore in safe mode?

If system restore doesn't work, you need an XP CD to do a repair. Press R to launch Recovery Console and type chkdsk /r in the command line.

Would I need the administrator's password to complete this?

Yes.