As strung stated, it does sound like the hard drive is bad. A bad hard drive cane work for small periods of time, but once it heats up after a few minutes to a hour or so it may then fail. I would replace the hard drive.
I am not sure if your computer has a PATA (sometimes called ATA-6) drive or a SATA drive. Once you find that out you can purchase a replacement drive here:
http://www.newegg.com/Store/SubCategory.aspx?SubCategory=380&name=Laptop-Hard-Drives
Just use the left hand side under interface to pick the PATA or SATA drive then you can select which drive you want.
The following guide will help you replace the drive:
http://www.xlr8yourmac.com/powerbook_g4/PB_G4_HD_upgrade/pb_g4_hd_upgrade.html
I hope this helps. Good luck.