Compaq proliant ML350 not booting up

Hi All
We have a Compaq proliant ML350 server that boots with the following:
1784-Slot 1 Drive Array Drive Failure
The following SCSI drive should be replaced:
SCSI Port 2: SCSI IDs 0 , 2

It boots up a bit more but then just freezes.
I say we just replace the drive but what is the consequences of this action?