Hard Page Faults are not an indication that there is a problem with the RAM (other than there's not enough of it).
A hard fault occurs when the address in memory of part of a running program is no longer in main memory (RAM), but has been swapped out to the paging file.
When the program next requires the contents of those memory addresses, they have to be read from the hard drive, which is many times slower than RAM access.
Apart from a lack of RAM, this can also be caused by a paging file that's too small, or fragmented, or split over several disks where each segment is relatively small.
High disk utilisation also means high CPU utilisation, due to the number of hardware interrupts required to service the disk I/O - normally these are "hidden" in task manager, hence the difference between the CPU values that you are seeing.
Not to say that your HDD isn't failing, although chkdsk is probably a better indicator of HDD health than Task Manager.
SD