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Reason:
This hard disk error commonly occurs in most probably the Dell desktops. When I search for the exact reason behind this error I found that it was not due to hard disk but with the device controller which is set default and hidden in BIOS. Most options in BIOS are fixed and cannot be changed due to some restrictions by Dell. Even the S.M.A.R.T capability function is hidden and enabled in BIOS settings. I dont know why they give this much restrictions to BIOS. 

Firstly I warn every users that running a PC with fixed BIOS settings such as fixed device controllers for all hard disks, fixed CPU fan speed, fixed core clock frequency, fixed FSB speed may damage any peripheral devices that are connected to motherboard. This was the same happens to the Hard disk. Why Im saying this actually the error contained hard disk works very fine when I connect to Gigabyte motherboard through SATA port with device controller as IDE and with disabled S.M.A.R.T capability function.

Secondly, the S.M.A.R.T function is a self-monitoring tool which logs read/write errors in hard disk. Although this is useful but it decreases the overall performance of the hard disk since every time hard disk sends signal to this tool for logging an event while reading/writing a sector. If this function is enabled, there is a risk of data loss while power goes off. Still if you are more curious about monitoring your hard disk there are numerous real-time monitoring softwares available in net where you can freely download and install it in your OS.

Thirdly, the Operating systems like Vista, 7 are highly unstable in Dell Inspiron desktops because of incompatible device controllers and chipset drivers. Even though Windows Vista and 7 supports AHCI (Advanced Host Controller Interface) mode, it is not necessary for desktop purposes. They are very useful for servers where a continuous read/write access (heavy load) is involved in hard disks. By default it is likely enabled in Inspiron desktops and increases the wear and tear for hard disks. 

Finally, Ive formulated a temporary and a permanent solution for saving the hard disk life. The entire solution may differ from hard disk to hard disk and PC to PC. 

Solution: 
This error clearly indicates partially bad sectors in the Hard Disk. So in order to verify and confirm the presence of bad sectors, chkdsk command line tool comes in handy using recovery console.

Restart your PC > press F8 key before start-up > select Repair Your Computer > select your language for keyboard layout and click ok > type password for your account and click ok.


Then open Command Prompt window from Recovery Console.


To access recovery console in Windows XP:
Boot your PC with XP Installation disk > press R key to use recovery console from the installation screen when it prompts.


Now in the Command prompt window, type the command as follows and hit Enter key after each:

• CHKDSK C: /R
• Y    (if it prompts to dismount the volume first)

The /f switch sometimes fail to display bad sectors and hence /r switch is more effective and also it tries to repair bad sectors. 

1. If the above command displays some KB in bad sectors and also displays "Failed to fix the errors/bad sectors on hard disk", then it is confirmed that the hard disk is really at a failing stage. It is necessary to replace the hard disk within the warranty period. If you would like to extend the life of the hard disk then read my post on How to fix bad sectors using Hirens boot CD. 
2. If the above command does not display any KB in bad sectors but still displays "Failed to transfer logged messages to event log with the status 50" again, then try to change the device/storage controller for the hard disk from ATA to IDE (or) AHCI to IDE (or) IDE to RAID in BIOS settings. Also try to disable S.M.A.R.T capability function and if the BIOS is restricted as in case of Dell Inspiron PCs then reinstalling a new OS by deleting the partition is the alternate solution. 
3. If Windows Vista/7 does not boot up after reinstalling it, then try to install XP at first in a new volume and then reinstall Windows Vista/7 in a different volume. This was the second alternate solution for the above.

Caution! There is a risk of data loss while fixing bad sectors and deleting partition, so backup your data.