Reset SMART Error #5?

I’m getting an error “Re-allocated Sector Count” ID #5. Is there any way to reset the drive’s SMART status so that I can use it again? It says “Replace Drive” on the WD site but the serial isn’t comming up on the Warranty Status check - it could be an OEM drive made for another brand. 

It’s a 160gb raptor drive, nothing special. I’d like to load an OS on the drive so that I can use it to burn in new RAID arrays I often build for NAS applications. I don’t care if I lose half the sectors in the drive, I just want to return it to being semi-stable for a few months (or years).

EDIT: It is a WDC WD1600HLFS-75G6U1 

If the Smart status failed I don’t recommend you to use it to save any important files, since it might fail at any  time. To replace it try calling tech support directly to check the warranty.

A SMART error in the Re-allocated Sector Count attribute is very serious. It means that the drive has developed an excessive number of bad sectors, so you should not trust it with your data. I’m not aware of any freeware that is able to clear the SMART data, but I know that WD has an internal (proprietary) factory utility called Trex that can recertify your drive, possibly with one less head. There are also commercial data recovery software that can do this, but these cost more than a new drive.