Error 68 and the red quadrant

Lately, when I turn on my Xbox, I get an error message (E 68) and one red quadrant on the ring of light. Usually, if I turn my Xbox off and on it'll work again, but the last two days, I'll get the error message multiple times. According the xbox.com support page, this means my hard drive is failing. How can I get all my saved files (I've had this hard drive since launch) onto another hard drive in the event that I can't get the Xbox on anymore? And if I get a new HDD and recover my gamertag, will the saved files somehow be recovered as well?

And by the way, it's supposed to say E 68, not E 68)