ROFL 124 degrees! Download HWmonitor too, see what that says.
Does that part of your case glow red?
If that's a HDD that's that hot, which it isn't or it probably would stop working very very quickly, then yes, you need a cooler. Hard drives work the same way as CDs. The information is, for the sake of simplicity, burned in to little holes on the disk.
The TuniQ tower is what I bought about 4 years ago and it keeps your CPU way cold. Google it, get something big like that